How to discard non-sanitation and free-disposal with paper money
Article Abstract:
A solution to the non-existence of competitive equilibria in an economy where satiation is possible is presented. Based on an economic situation with many agents and where paper money is one of the commodities without transaction costs, it is concluded that competitive equilibrium may exist by using money as a net positive supply even if preferences may be satiated when the agents are permitted to select a consumption set within a given budget.
Publication Name: The Journal of Mathematical Economics
Subject: Mathematics
ISSN: 0304-4068
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
A note on the decomposition (at a point) of aggregate excess demand on the Grassmannian
Article Abstract:
The characteristics of aggregate excess demand functions for economies having an arbitrary finite set of N commodities.
Publication Name: The Journal of Mathematical Economics
Subject: Mathematics
ISSN: 0304-4068
Year: 2000
User Contributions:
Comment about this article or add new information about this topic:
A note on the regularity of competitive equilibria and asset structures
Article Abstract:
The development of an equilibrium model is discussed.
Publication Name: The Journal of Mathematical Economics
Subject: Mathematics
ISSN: 0304-4068
Year: 2003
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Rational expectations equilibria and the ex-post core of an economy with asymmetric information. Edgeworth's conjecture in atomless economies with a non-separable commodity space
- Abstracts: Slowdowns and meltdowns: postwar growth evidence from 74 countries. Is the export-led growth hypothesis valid for industrialized countries?
- Abstracts: Existence and properties of a value allocation for an economy with differential information. Uniform continuity of information combination: a corrigendum
- Abstracts: Adaptive dynamics in coordination games. p-Dominance and belief potential
- Abstracts: Nonlinear dynamic structures. Using daily range data to calibrate volatility diffusions and extract the forward integrated variance