On the Uniqueness and Stability of the Equilibrium Price in Quasi-Linear Economies
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arXiv
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| Format: | Preprint |
| Published: |
2022
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| _version_ | 1866910414799896576 |
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| author | Hosoya, Yuhki |
| author_facet | Hosoya, Yuhki |
| contents | In this paper, we show that if every consumer in an economy has a quasi-linear utility function, then the normalized equilibrium price is unique, and is locally stable with respect to the tâtonnement process. Our study can be seen as that extends the results in partial equilibrium theory to economies with more than two dimensional consumption space. Moreover, we discuss the surplus analysis in such economies. |
| format | Preprint |
| id |
arxiv_https___arxiv_org_abs_2202_04573 |
| institution | arXiv |
| publishDate | 2022 |
| record_format | arxiv |
| spellingShingle | On the Uniqueness and Stability of the Equilibrium Price in Quasi-Linear Economies Hosoya, Yuhki Theoretical Economics 91B50 In this paper, we show that if every consumer in an economy has a quasi-linear utility function, then the normalized equilibrium price is unique, and is locally stable with respect to the tâtonnement process. Our study can be seen as that extends the results in partial equilibrium theory to economies with more than two dimensional consumption space. Moreover, we discuss the surplus analysis in such economies. |
| title | On the Uniqueness and Stability of the Equilibrium Price in Quasi-Linear Economies |
| topic | Theoretical Economics 91B50 |
| url | https://arxiv.org/abs/2202.04573 |