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Evolution in a General Equilibrium framework

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  • Accinelli, E.
  • Muñiz, Humberto

Abstract

In this paper, we consider a general equilibrium model in which the economies are characterized by the distribution of firms on a set of branches of production; we will show that based on the decisions of the managers of the firms, it is possible to build a dynamic system whose solutions reproduce the possible trajectories of the economy. Once the initial state of an economy is known, that is, the initial distribution of firms, we will have a unique solution for this dynamic system, which will coincide with the evolution of the economy, that is, the evolution of prices and equilibrium allocations.

Suggested Citation

  • Accinelli, E. & Muñiz, Humberto, 2021. "Evolution in a General Equilibrium framework," Journal of Mathematical Economics, Elsevier, vol. 96(C).
    • Handle: RePEc:eee:mateco:v:96:y:2021:i:c:s0304406821000768
    DOI: 10.1016/j.jmateco.2021.102513
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    References listed on IDEAS

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    1. William R. Zame, 2007. "Incentives, Contracts, and Markets: A General Equilibrium Theory of Firms," Econometrica, Econometric Society, vol. 75(5), pages 1453-1500, September.
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    4. Yves Balasko, 2009. "The Equilibrium Manifold: Postmodern Developments in the Theory of General Economic Equilibrium," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262026546, April.
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    Cited by:

    1. Vincent Boitier, 2023. "Ownership structure and profit maximization in general equilibrium models of monopolistic competition," Economics and Business Letters, Oviedo University Press, vol. 12(1), pages 85-90.

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