Existence of Equilibrium Prices: A Pedagogical Proof

• Tác giả: Simone Tonin
• Ngôn ngữ: eng
• Ký hiệu phân loại: 511.36 Proof theory and constructive mathematics
• Thông tin xuất bản: 2018
• Bộ sưu tập: Báo, Tạp chí
• ID: 162125

Tóm tắt

Under the same assumptions made by Mas-Colell et al. (1995), I develop a short, simple, and complete proof of existence of equilibrium prices based on excess demand functions. The result is obtained by applying the Brouwer fixed point theorem to a trimmed simplex which does not contain prices equal to zero. The mathematical techniques are based on some results obtained in Neuefeind (1980) and Geanakoplos (2003).