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Market Equilibrium in Exchange Economies with Some Families of Concave Utility Functions

Author

Listed:
  • Bruno Codenotti

    (Toyota Technological Institute at Chicago)

  • Kasturi Varadarajan

    (University of Iowa)

Abstract
We present explicit convex programs which characterize the equilibrium for certain additively separable utility functions and CES functions. These include some CES utility functions that do not satisfy weak gross substitutability.

Suggested Citation

  • Bruno Codenotti & Kasturi Varadarajan, 2005. "Market Equilibrium in Exchange Economies with Some Families of Concave Utility Functions," Computational Economics 0503001, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpco:0503001
    Note: Type of Document - pdf; pages: 18
    as

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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/comp/papers/0503/0503001.pdf
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    References listed on IDEAS

    as
    1. William C. Brainard & Herbert E. Scarf, 2005. "How to Compute Equilibrium Prices in 1891," American Journal of Economics and Sociology, Wiley Blackwell, vol. 64(1), pages 57-83, January.
    2. Debreu, Gerard, 1970. "Economies with a Finite Set of Equilibria," Econometrica, Econometric Society, vol. 38(3), pages 387-392, May.
    3. Dixit, Avinash K & Stiglitz, Joseph E, 1977. "Monopolistic Competition and Optimum Product Diversity," American Economic Review, American Economic Association, vol. 67(3), pages 297-308, June.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Exchange economy; computation of equilibria; convex feasibility problem;
    All these keywords.

    JEL classification:

    • C8 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs

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