Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
4663578 | Acta Mathematica Scientia | 2012 | 20 Pages |
Abstract
This paper explores the existence of multiple equilibria for symmetric 3 individual, 2 good CES / LES pure exchange economies. Analytically, we show that there are no more than 5 equilibria in such economies. The number of equilibria varies from 5 to 3 then to 1. We generalize our analytical results of existence of 1, 3, 5 equilibria for a wide range of parametrizations. We also provide concrete examples of 1, 3, 5 equilibria with parameter zones specified.
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Mathematics (General)