Exploring multiple equilibria for symmetric 2 × 2 CES/LES pure exchange economies

2010 ◽  
Vol 25 (2) ◽  
pp. 137-154 ◽  
Author(s):  
Xiao-jun Shi ◽  
Shun-ming Zhang
Keyword(s):  
Multiple Equilibria ◽  
Exchange Economies ◽  
Pure Exchange

scholarly journals Simple Economies with Multiple Equilibria

2009 ◽  
Vol 9 (1) ◽  
Author(s):  
Theodore C Bergstrom ◽  
Ken-Ichi Shimomura ◽  
Takehiko Yamato
Keyword(s):  
Economic Theory ◽  
General Equilibrium ◽  
General Class ◽  
Multiple Equilibria ◽  
Competitive Equilibrium ◽  
Comparative Statics ◽  
Exchange Economies ◽  
Valuable Addition ◽  
Pure Exchange ◽  
Special Case

We study a general class of pure exchange economies that have multiple equilibria. This class generalizes an example presented by Shapley and Shubik. For such economies, we find easily verified conditions that determine whether there are multiple equilibria. We also provide simple methods for constructing economies in which arbitrary pre-specified sets of prices are equilibria. These economies have strong comparative statics properties, since prices at interior competitive equilibrium depend on the parameters of utility but not on the endowment quantities. We believe that this easily manipulated special case is a valuable addition to the class of simple general equilibrium economies that can be used as testing grounds in economic theory.

Coalitional Fairness of Allocations in Pure Exchange Economies

Econometrica ◽  
1975 ◽  
Vol 43 (4) ◽  
pp. 661 ◽  
Author(s):  
Jean Jaskold-Gabszewicz
Keyword(s):  
Exchange Economies ◽  
Pure Exchange

A remark on the continuity of the Walras correspondence in pure exchange economies

2014 ◽  
Vol 3 (1) ◽  
pp. 33-41
Author(s):  
Ram Sewak Dubey ◽  
Francesco Ruscitti
Keyword(s):  
Exchange Economies ◽  
Pure Exchange

scholarly journals Constructing Pure-Exchange Economies with Many Equilibria

2021 ◽  
Author(s):  
Pascal Gauthier ◽  
Timothy J. Kehoe ◽  
Erwan Quintin
Keyword(s):  
Exchange Economies ◽  
Pure Exchange

Constructing Examples with 5 Equilibria for Symmetric 3 × 2 Ces / Les Pure Exchange Economies

2012 ◽  
Vol 32 (6) ◽  
pp. 2411-2430
Author(s):  
Huang Hui ◽  
Shi Xiaojun ◽  
Zhang Shunming
Keyword(s):  
Exchange Economies ◽  
Pure Exchange

PROPOSITIONS OF FIVE EQUILIBRIA EXAMPLES FOR 3×2 CES/LES PURE EXCHANGE ECONOMIES

2004 ◽  
Vol 03 (04) ◽  
pp. 583-604
Author(s):  
HUI HUANG ◽  
SHUNMING ZHANG
Keyword(s):  
Parameter Space ◽  
Large Range ◽  
Exchange Economy ◽  
Exchange Economies ◽  
Numerical Examples ◽  
Pure Exchange ◽  
Pure Exchange Economy ◽  
Number Of Equilibria

This paper reports numerical examples for a 3 individual 2 good CES/LES pure exchange economy in which 5 equilibria exist. We explore the size of the regions of the parameter space for which 5 equilibria persist, and show these ranges to be very small in each parameter. Other features of the equilibrium manifolds are examined. The number of equilibria can jump from 5 to 3 to 1, or even from 5 to 1. We also find changes of (Kehoe) equilibrium indices from -1 to +1 or from +1 to -1. Then, we provide parameter changes simultaneously in a large range that preserve given 5 equilibria.

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