Excess Demand Functions, Equilibrium Prices, and Existence of Equilibrium

Wong, Kam-Chau
1995-10
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Excess Demand Functions, Equilibrium Prices, and Existence of Equilibrium

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1995-10

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Center for Economic Research, Department of Economics, University of Minnesota

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Working Paper

Abstract

For continuous excess demand functions, the existing literature (e.g. Sonnenschein [1972, 1973], Mantel [1974], Debreu [1974], Mas-Colell [1977], etc.) achieves a complete characterization only when the functions are defined on special subsets of positive prices. In this paper, we allow the functions to be defined on a larger class of price sets, (allowing, for example the closed unit simplex, including its boundary). Besides characterizing excess demands for a larger class of economies, it is also a useful tool for proving other results. It allows us to characterize the equilibrium price set for a larger class of economies. It also permits extending Uzawa's observation [1962] by showing that Brouwer's Fixed-Point Theorem is implied by the Arrow-Debreu Equilibrium Existence Theorem ([1954], Thm. I.).

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Center for Economic Research Discussion Papers

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Discussion Paper
 283

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Wong, K., (1995), "Excess Demand Functions, Equilibrium Prices, and Existence of Equilibrium", Discussion Paper No. 283, Center for Economic Research, Department of Economics, University of Minnesota.

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Wong, Kam-Chau. (1995). Excess Demand Functions, Equilibrium Prices, and Existence of Equilibrium. Retrieved from the University Digital Conservancy, https://hdl.handle.net/11299/55738.

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