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General equilibrium with producers and brokers existence and regularity

Jouini, Elyès; Kallal, Hedi (1993), General equilibrium with producers and brokers existence and regularity, Economics Letters, 41, 3, p. 257-263. http://dx.doi.org/10.1016/0165-1765(93)90150-B

Type
Article accepté pour publication ou publié
Date
1993
Journal name
Economics Letters
Volume
41
Number
3
Publisher
Elsevier
Pages
257-263
Publication identifier
http://dx.doi.org/10.1016/0165-1765(93)90150-B
Metadata
Show full item record
Author(s)
Jouini, Elyès
Kallal, Hedi
Abstract (EN)
In this paper we prove the existence of general equilibrium with transaction costs generalizing Hahn's (Review of Economic Studies, 1973, 40, 449-461) model by introducing producers and nonconvexities (in particular we allow for increasing returns in transaction sets). We also recover any exchange economy as a special case and this allows us to analyze the effects of small frictions on bid-ask prices, consumption vectors and utilities. We prove that, generically, the induced perturbations are of the same order as the frictions.
Subjects / Keywords
Equilibrium; Exchange and Production Economies; Transaction Costs
JEL
D51 - Exchange and Production Economies
C62 - Existence and Stability Conditions of Equilibrium
D58 - Computable and Other Applied General Equilibrium Models
D23 - Organizational Behavior; Transaction Costs; Property Rights

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