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General equilibrium and resource economics

Author

Listed:
  • Cees A. Withagen

    (Department of Economics and Tinbergen Institute, Free University Amsterdam, De Boelelaan 1105, NL-1081 HV Amsterdam, THE NETHERLANDS)

  • Jan H. van Geldrop

    (Department of Mathematics Computing Science, Eindhoven University of Technology, P.O. Box 513, NL-5600 MB Eindhoven, THE NETHERLANDS)

Abstract

For a number of reasons a large class of general equilibrium models from the field of resource economics does not allow for an equilibrium analysis along the lines of the theory of infinite dimensional commodity spaces. The reasons concern the choice of the commodity space and the applicability of properness assumptions with respect to preferences and the technology. This paper illustrates the difficulties and shows for a prototype model how the problems can successfully be tackled by the use of a limit argument on equilibria in the truncated economies.

Suggested Citation

  • Cees A. Withagen & Jan H. van Geldrop, 1999. "General equilibrium and resource economics," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 14(3), pages 691-704.
    • Handle: RePEc:spr:joecth:v:14:y:1999:i:3:p:691-704
    Note: Received: May 2, 1996; revised version: May 13, 1998
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    Citations

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    Cited by:

    1. van der Laan, Gerard & Withagen, Cees, 2003. "Quasi-equilibrium in economies with infinite dimensional commodity spaces: a truncation approach," Journal of Economic Dynamics and Control, Elsevier, vol. 27(3), pages 423-444, January.
    2. Gerard van der Laan & Cees Withagen, 2000. "General Equilibrium in Economies with Infinite Dimensional Commodity Spaces: A Truncation Approach," Tinbergen Institute Discussion Papers 00-023/1, Tinbergen Institute.

    More about this item

    Keywords

    General equilibrium; Resource economies; Truncation.;
    All these keywords.

    JEL classification:

    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • Q30 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Nonrenewable Resources and Conservation - - - General

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