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On the Uniqueness and Stability of the Equilibrium Price in Quasi-Linear Economies

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  • Yuhki Hosoya

Abstract

In this paper, we show that if every consumer in an economy has a quasi-linear utility function, then the normalized equilibrium price is unique, and is locally stable with respect to the t\^atonnement process. Our study can be seen as that extends the results in partial equilibrium theory to economies with more than two dimensional consumption space. Moreover, we discuss the surplus analysis in such economies.

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  • Yuhki Hosoya, 2022. "On the Uniqueness and Stability of the Equilibrium Price in Quasi-Linear Economies," Papers 2202.04573, arXiv.org, revised Apr 2024.
    • Handle: RePEc:arx:papers:2202.04573
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    References listed on IDEAS

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    1. Mas-Colell,Andreu, 1990. "The Theory of General Economic Equilibrium," Cambridge Books, Cambridge University Press, number 9780521388702, October.
    2. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
    3. Barnett,William A. & Cornet,Bernard & D'Aspremont,Claude & Gabszewicz,Jean & Mas-Colell,Andreu (ed.), 1991. "Equilibrium Theory and Applications," Cambridge Books, Cambridge University Press, number 9780521392198.
    4. Takashi Hayashi, 2017. "General Equilibrium Foundation of Partial Equilibrium Analysis," Springer Books, Springer, number 978-3-319-56696-2, June.
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