Economic equilibrium through variational inequalities

Magdalena Nockowska-Rosiak

Applicationes Mathematicae (2009)

  • Volume: 36, Issue: 1, page 43-58
  • ISSN: 1233-7234

Abstract

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The purpose of this paper is to present an alternative proof of the existence of the Walrasian equilibrium for the Arrow-Debreu-McKenzie model by the variational inequality technique. Moreover, examples of the generalized Arrow-Debreu-McKenzie model are given in which the price vector can reach the boundary of the orthant allowing a commodity to be of price zero at equilibrium. In such a case its supply exceeds demand. It is worth mentioning that utility functions in this model are allowed not to be strictly concave and they can reach their maximum in the commodity space.

How to cite

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Magdalena Nockowska-Rosiak. "Economic equilibrium through variational inequalities." Applicationes Mathematicae 36.1 (2009): 43-58. <http://eudml.org/doc/279901>.

@article{MagdalenaNockowska2009,
abstract = {The purpose of this paper is to present an alternative proof of the existence of the Walrasian equilibrium for the Arrow-Debreu-McKenzie model by the variational inequality technique. Moreover, examples of the generalized Arrow-Debreu-McKenzie model are given in which the price vector can reach the boundary of the orthant allowing a commodity to be of price zero at equilibrium. In such a case its supply exceeds demand. It is worth mentioning that utility functions in this model are allowed not to be strictly concave and they can reach their maximum in the commodity space.},
author = {Magdalena Nockowska-Rosiak},
journal = {Applicationes Mathematicae},
keywords = {optimization problem; Walrasian equilibrium; variational inequalities},
language = {eng},
number = {1},
pages = {43-58},
title = {Economic equilibrium through variational inequalities},
url = {http://eudml.org/doc/279901},
volume = {36},
year = {2009},
}

TY - JOUR
AU - Magdalena Nockowska-Rosiak
TI - Economic equilibrium through variational inequalities
JO - Applicationes Mathematicae
PY - 2009
VL - 36
IS - 1
SP - 43
EP - 58
AB - The purpose of this paper is to present an alternative proof of the existence of the Walrasian equilibrium for the Arrow-Debreu-McKenzie model by the variational inequality technique. Moreover, examples of the generalized Arrow-Debreu-McKenzie model are given in which the price vector can reach the boundary of the orthant allowing a commodity to be of price zero at equilibrium. In such a case its supply exceeds demand. It is worth mentioning that utility functions in this model are allowed not to be strictly concave and they can reach their maximum in the commodity space.
LA - eng
KW - optimization problem; Walrasian equilibrium; variational inequalities
UR - http://eudml.org/doc/279901
ER -

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