This paper explores the existence of multiple equilibria for symmetric 3 indi- vidual, 2 good CES / LES pure exchange economies. Analytically, we show that there are no more than 5 equilibria in such economies. The nu...This paper explores the existence of multiple equilibria for symmetric 3 indi- vidual, 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.展开更多
This paper explores the existence of 3 equilibria for symmetric 2-individual 2-good CES/LES pure exchange economies. For certain parameterizations in the economies, we show analytically that there are no more than 3 e...This paper explores the existence of 3 equilibria for symmetric 2-individual 2-good CES/LES pure exchange economies. For certain parameterizations in the economies, we show analytically that there are no more than 3 equilibria. We generalize our analytical results of existence of 3 equilibria for a wide range of parameterizations. Then we provide examples of 3 equilibria and parameter zones of 3 equilibria for CES and CES/LES economies.展开更多
基金supported by National Natural Science Foundation of China(70825003 and 70972001)National Social Science Foundation of China(07AJL002)Arts and Humanities Program of Essential Research Foundation of Beihang University(YWF-11-06-007)
文摘This paper explores the existence of multiple equilibria for symmetric 3 indi- vidual, 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.
基金Supported by National Social Science Foundation of China 2007(07AJL002)National Natural Science Foundation of China(70825003, 70972001)
文摘This paper explores the existence of 3 equilibria for symmetric 2-individual 2-good CES/LES pure exchange economies. For certain parameterizations in the economies, we show analytically that there are no more than 3 equilibria. We generalize our analytical results of existence of 3 equilibria for a wide range of parameterizations. Then we provide examples of 3 equilibria and parameter zones of 3 equilibria for CES and CES/LES economies.
