Le Van, C. and Vailakis, Y. (2003) Existence of a competitive equilibrium in a one sector growth model with heterogeneous agents and irreversible investment. Economic Theory, 22(4), pp. 743-771. (doi: 10.1007/s00199-002-0355-y)
Full text not currently available from Enlighten.
Abstract
We 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 stated 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 equilibria. Because of the simplicity of the techniques utilized our approach is amenable to be adapted by practitioners in analogous problems often studied in macroeconomics.
Item Type: | Articles |
---|---|
Status: | Published |
Refereed: | Yes |
Glasgow Author(s) Enlighten ID: | Vailakis, Professor Yiannis |
Authors: | Le Van, C., and Vailakis, Y. |
College/School: | College of Social Sciences > Adam Smith Business School > Economics |
Journal Name: | Economic Theory |
Publisher: | Springer |
ISSN: | 0938-2259 |
ISSN (Online): | 1432-0479 |
University Staff: Request a correction | Enlighten Editors: Update this record