Uniqueness of general economic equilibrium |
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Authors: | IW Sandberg |
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Institution: | Bell Laboratories, Murray Hill, NJ 07974, USA |
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Abstract: | For a well-known economic model involving n commodities that are offered for sale, it is proved that there is at most one normalized equilibrium if the values of a certain matrix-valued function of order (n - 1) are Hicksian (i.e., have positive principal minors) throughout its domain of definition. The condition has a nice interpretation, and the result differs from an earlier (and very differently proved) uniqueness result of Arrow and Hahn primarily in that the class of excess-demand functions considered here is considerably less restricted in an important sense. |
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