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Existence of a competitive equilibrium in a one sector growth model with heterogeneous agents and irreversible investment

Author

Listed:
  • Cuong Le Van

    (CERMSEM - CEntre de Recherche en Mathématiques, Statistique et Économie Mathématique - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

  • Yiannis Vailakis

    (UCL IRES - Institut de recherches économiques et sociales - UCL - Université Catholique de Louvain = Catholic University of Louvain)

Abstract

Wr prove existence of a competitive equilibrium in a version of a Ramsey (one sector) model in which agents are heterogeneous and gross investment is constrained to be non negative. We do so by converting the infinite-dimensional fixed point problem tated in terms of prices and commodities into a finite-dimensional Negishi problem involving individual weights in a social value function. This method allows us to obtain detailed results concerning the properties of competitive eqilibria. Because of the simplicity of techniques utilized our approach is amenable to be adapted by practioners in analogous problems often studied in macroeconomics

Suggested Citation

  • Cuong Le Van & Yiannis Vailakis, 2003. "Existence of a competitive equilibrium in a one sector growth model with heterogeneous agents and irreversible investment," Post-Print halshs-00119095, HAL.
    • Handle: RePEc:hal:journl:halshs-00119095
    DOI: 10.1007/s00199-002-0355-y
    as

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