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The Debreu private ownership economy with complementary commodities and prices

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  • Lipieta, Agnieszka

Abstract

Let Ep be a Debreu private ownership economy in which there are some complementary commodities. It means that all commodity bundles are contained in the proper subspace V of commodity-space . The production plans maximizing the producers' profits do not have to satisfy the dependency in the qualities of commodities seen in the consumers' plans. It may cause no-existence an equilibrium in economy Ep. The competitive leads, however, to adjustment the production plans to improve the consumers' satisfaction. The procedure of change the production system covering the consumers' requirements is presented. As a result, the model of the private ownership economy with complementary commodities and prices, being the simplification of the initial model, is elaborated. Consequently, the necessary condition for the existence of an equilibrium in the economy Ep is proved.

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  • Lipieta, Agnieszka, 2010. "The Debreu private ownership economy with complementary commodities and prices," Economic Modelling, Elsevier, vol. 27(1), pages 22-27, January.
    • Handle: RePEc:eee:ecmode:v:27:y:2010:i:1:p:22-27
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    References listed on IDEAS

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    1. Andrzej Malawski & Martin Woerter, 2006. "Diversity Structure of the Schumpeterian Evolution. An Axiomatic Approach," KOF Working papers 06-153, KOF Swiss Economic Institute, ETH Zurich.
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    Cited by:

    1. Agnieszka Lipieta & Andrzej Malawski, 2016. "Price versus quality competition: in search for Schumpeterian evolution mechanisms," Journal of Evolutionary Economics, Springer, vol. 26(5), pages 1137-1171, December.
    2. Agnieszka Lipieta, 2015. "Producers’ Adjustment Trajectories Resulting in Equilibrium in the Economy with Linear Consumption Sets," Central European Journal of Economic Modelling and Econometrics, Central European Journal of Economic Modelling and Econometrics, vol. 7(4), pages 187-204, December.
    3. Elżbieta Pliś, 2020. "Diversity and Innovation in Economic Evolution," Central European Journal of Economic Modelling and Econometrics, Central European Journal of Economic Modelling and Econometrics, vol. 12(4), pages 347-367, December.
    4. Agnieszka Lipieta & Andrzej Malawski, 2021. "Eco-mechanisms within economic evolution: Schumpeterian approach," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 10(1), pages 1-31, December.

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