A simple proof of the existence of an equilibrium when the weak axiom holds |
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| Authors: | Jean Frayssé |
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| Affiliation: | Toulouse School of Economics (Université de Toulouse), Gremaq, Manufacture des Tabacs, 21, Allée de Brienne, 31000 Toulouse, France |
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| Abstract: | An elementary proof of the existence of a competitive equilibrium is given for economies where the weak axiom holds. It is shown by an induction argument on the number of goods that the problem is reduced to the question of the existence of an equilibrium in a two-good economy. |
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| Keywords: | Existence of equilibrium Excess demand function Weak axiom Gross substitutes |
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