Boundary behavior of excess demand and existence of equilibrium
Article Abstract:
A market equilibrium theorem which integrates and validate many paradigmatical results is presented. The theorem is applicable in extending the equilibrium results of large economies and augments Aumann's existence theorem. The theorem can be reduced further by arguing that the existence of a competitive quasi-equilibria can be assumed even without the monotony assumption of preferences. A comparison of the market equilibrium results of Grandmont and Neuefeind is also presented.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1999
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Heterogeneity, stratification, and growth: macroeconomic implications of community structure and school finance
Article Abstract:
Income distribution and economic development are conditioned by economic stratification and the systems of education finance. Economic interaction is achieved through local public goods or externalities and total market linkages. As families settle into homogeneous groups, integration slows down economic progress in the short run and increases after a longer time frame. This intertemporal tradeoff is also observed when education is state-funded.
Publication Name: American Economic Review
Subject: Economics
ISSN: 0002-8282
Year: 1996
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Search market equilibrium, bilateral heterogeneity, and repeat purchases
Article Abstract:
A search market equilibrium model is developed to analyze one-sided heterogeneity, single and repeat purchase markets, and buyer and seller interactions. The model is also used to develop a unifying framework to describe search, entry and price dispersion in a heterogeneous market. Previous search market equilibrium models are discussed.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 1993
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