IDEAS home Printed from https://ideas.repec.org/a/eee/matsoc/v119y2022icp68-75.html
   My bibliography  Save this article

Walrasian equilibrium without homogeneity and Walras’ Law

Author

Listed:
  • D’Agata, Antonio

Abstract

This paper introduces two new boundary conditions that ensure the existence of a Walrasian equilibrium in monetary economies violating Walras’ Law and homogeneity of degree zero of the excess demand function. The two conditions are more general than those adopted by the existing literature. The existence of a Walrasian equilibrium with free disposal is also considered. As a by-product of our analysis, a refinement of the celebrated Uzawa’s equivalence Theorem and extensions of the Hartman–Stampacchia and Poincaré–Miranda Theorems are also provided.

Suggested Citation

  • D’Agata, Antonio, 2022. "Walrasian equilibrium without homogeneity and Walras’ Law," Mathematical Social Sciences, Elsevier, vol. 119(C), pages 68-75.
    • Handle: RePEc:eee:matsoc:v:119:y:2022:i:c:p:68-75
    DOI: 10.1016/j.mathsocsci.2022.06.003
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0165489622000555
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.mathsocsci.2022.06.003?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Tibor Scitovszky, 1944. "Some Consequences of the Habit of Judging Quality by Price," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 12(2), pages 100-105.
    2. Neuefeind, Wilhelm, 1980. "Notes on Existence of Equilibrium Proofs and the Boundary Behavior of Supply," Econometrica, Econometric Society, vol. 48(7), pages 1831-1837, November.
    3. Grandmont, Jean-Michel, 1993. "Temporary general equilibrium theory," Handbook of Mathematical Economics, in: K. J. Arrow & M.D. Intriligator (ed.), Handbook of Mathematical Economics, edition 4, volume 2, chapter 19, pages 879-922, Elsevier.
    4. Y. B. Zhao & J. Y. Han & H. D. Qi, 1999. "Exceptional Families and Existence Theorems for Variational Inequality Problems," Journal of Optimization Theory and Applications, Springer, vol. 101(2), pages 475-495, May.
    5. Schulz, Norbert, 1985. "Existence of equilibria based on continuity and boundary behaviour," Economics Letters, Elsevier, vol. 19(2), pages 101-103.
    6. H. Leibenstein, 1950. "Bandwagon, Snob, and Veblen Effects in the Theory of Consumers' Demand," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 64(2), pages 183-207.
    7. Balasko, Yves, 2003. "Economies with price-dependent preferences," Journal of Economic Theory, Elsevier, vol. 109(2), pages 333-359, April.
    8. Hofbauer, Josef & Sandholm, William H., 2009. "Stable games and their dynamics," Journal of Economic Theory, Elsevier, vol. 144(4), pages 1665-1693.4, July.
    9. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ruscitti, Francesco, 2012. "On the boundary behavior of the excess demand function," Research in Economics, Elsevier, vol. 66(4), pages 371-374.
    2. Amir, Rabah & Lazzati, Natalia, 2011. "Network effects, market structure and industry performance," Journal of Economic Theory, Elsevier, vol. 146(6), pages 2389-2419.
    3. Daniel McFadden, 2014. "The new science of pleasure: consumer choice behavior and the measurement of well-being," Chapters, in: Stephane Hess & Andrew Daly (ed.), Handbook of Choice Modelling, chapter 2, pages 7-48, Edward Elgar Publishing.
    4. Guoqiang Tian, 2016. "On the existence of price equilibrium in economies with excess demand functions," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 4(1), pages 5-16, April.
    5. Inderst, Roman & Pfeil, Sebastian, 2014. "An "Image Theory" of RPM," MPRA Paper 54139, University Library of Munich, Germany.
    6. W D A Bryant, 2009. "General Equilibrium:Theory and Evidence," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 6875, September.
    7. Jakob Kapeller & Bernhard Schütz & Stefan Steinerberger, 2013. "The impossibility of rational consumer choice," Journal of Evolutionary Economics, Springer, vol. 23(1), pages 39-60, January.
    8. Yao, Alex, 2023. "Uncovering heterogeneous prestige effect in luxury consumption: Insights from the Chinese luxury market," Journal of Business Research, Elsevier, vol. 168(C).
    9. Ahmad Naimzada & Marina Pireddu, 2020. "A general equilibrium evolutionary model with two groups of agents, generating fashion cycle dynamics," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 43(1), pages 155-185, June.
    10. Paul Oslington, 2012. "General Equilibrium: Theory and Evidence," The Economic Record, The Economic Society of Australia, vol. 88(282), pages 446-448, September.
    11. Simone Tonin, 2018. "Existence of Equilibrium Prices: A Pedagogical Proof," Papers 1808.03129, arXiv.org, revised Sep 2018.
    12. Paweł Dziewulski & John K.‐H. Quah, 2024. "Comparative Statics With Linear Objectives: Normality, Complementarity, and Ranking Multi‐Prior Beliefs," Econometrica, Econometric Society, vol. 92(1), pages 167-200, January.
    13. Paloyo, Alfredo R., 2009. "Co-pay and Feel Okay: Evidence of Illusory Health Gains from a Health Insurance Reform," Ruhr Economic Papers 142, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    14. Husseinov, Farhad, 1999. "Boundary Behavior of Excess Demand and Existence of Equilibrium," Journal of Economic Theory, Elsevier, vol. 87(2), pages 434-449, August.
    15. Jeroen C.J.M. van den Bergh & Ada Ferrer-I-Carbonell & Guiseppe Munda, 1998. "Models of Individual Behavior and Implications for Environmental Policy," Tinbergen Institute Discussion Papers 98-121/3, Tinbergen Institute.
    16. Rodrigo Jardim Raad, 2016. "Recursive equilibrium with Price Perfect Foresight and a minimal state space," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 61(1), pages 1-54, January.
    17. Wright, Austin L. & Sonin, Konstantin & Driscoll, Jesse & Wilson, Jarnickae, 2020. "Poverty and economic dislocation reduce compliance with COVID-19 shelter-in-place protocols," Journal of Economic Behavior & Organization, Elsevier, vol. 180(C), pages 544-554.
    18. Janvier D. Nkurunziza, 2005. "Reputation and Credit without Collateral in Africa`s Formal Banking," Economics Series Working Papers WPS/2005-02, University of Oxford, Department of Economics.
    19. Vadim Borokhov, 2014. "On the properties of nodal price response matrix in electricity markets," Papers 1404.3678, arXiv.org, revised Jan 2015.
    20. L.R. Huang & K. F. Ng, 2005. "Equivalent Optimization Formulations and Error Bounds for Variational Inequality Problems," Journal of Optimization Theory and Applications, Springer, vol. 125(2), pages 299-314, May.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:matsoc:v:119:y:2022:i:c:p:68-75. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/505565 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.