Existence of competitive equilibrium in an optimal growth model with heterogeneous agents and endogenous leisure

Aditya Goenka; Cuong Le Van; Manh-Hung Nguyen

halshs-00593945, version 1

Existence of competitive equilibrium in an optimal growth model with heterogeneous agents and endogenous leisure

Aditya Goenka () ¹, Cuong Le Van () ^{2, 3, 4, 5}, Manh-Hung Nguyen () ^5, 6

Documents de travail du Centre d'Economie de la Sorbonne 2011.23 - ISSN : 1955-611X (2011)

Abstract: This paper proves the existence of competitive equilibrium in a single-sector dynamic economy with heterogeneous agents, elastic labor supply and complete assets markets. The method of proof relies on some recent results concerning the existence of Lagrande multipliers in infinite dimensional spaces and their representation as a summable sequence and a direct application of the inward boundary fixed point theorem.

1: National University of Singapore (NUS)
NUS
2: Centre d'économie de la Sorbonne (CES)
CNRS : UMR8174 – Université Paris I - Panthéon-Sorbonne
3: Ecole d'Économie de Paris - Paris School of Economics (EEP-PSE)
Ecole d'Économie de Paris
4: University of Exeter Business School
University of Exeter Business School
5: VanXuan Center of Research in Economics, Management and Environment (VCREME)
VanXuan Center of Research in Economics, Management and Environment
6: LERNA-INRA
Toulouse School of Economics

halshs-00593945, version 1
http://halshs.archives-ouvertes.fr/halshs-00593945
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From: Lucie Label <>
Submitted on: Wednesday, 18 May 2011 11:16:15
Updated on: Thursday, 19 May 2011 09:11:00

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%F halshs-00593945, version 1
%0 Unpublished Work
%U http://halshs.archives-ouvertes.fr/halshs-00593945
%T Existence of competitive equilibrium in an optimal growth model with heterogeneous agents and endogenous leisure
%A Goenka, Aditya
%A Le Van, Cuong
%A Nguyen, Manh-Hung
%+ National University of Singapore - NUS , Centre d'économie de la Sorbonne - CES , Ecole d'Économie de Paris - Paris School of Economics - EEP-PSE , University of Exeter Business School , VanXuan Center of Research in Economics, Management and Environment - VCREME , LERNA-INRA
%G English
%X This paper proves the existence of competitive equilibrium in a single-sector dynamic economy with heterogeneous agents, elastic labor supply and complete assets markets. The method of proof relies on some recent results concerning the existence of Lagrande multipliers in infinite dimensional spaces and their representation as a summable sequence and a direct application of the inward boundary fixed point theorem.
%X Dans ce papier, nous démontrons l'existence d'un équilibre compétitif dans un modèle dynamique à un secteur avec des agents hétérogènes, offre de travail endogène et marchés financiers complets. La méthode de la preuve s'appuie, d'une part, sur des résultats récents d'existence des multiplicateurs de Lagrange dans des espaces de dimension infinie et de leur représentation comme des séquences sommables et d'autre part sur l'application d'un théorème de point fixe généralisé (inward boundary fixed point theorem).
%2 SHS:ECO;MATH:MATH_CA;MATH:MATH_OC
%8 2011-04-00
%Z Documents de travail du Centre d'Economie de la Sorbonne 2011.23 - ISSN : 1955-611X
%K Optimal growth model, Lagrange multipliers, competitive equilibrium, individually rational Pareto Optimum, elastic labor supply.
%K Modèle de croissance optimale, multiplicateurs de Lagrange, équilibre compétitive, offre de travail endogène.
%2 C - Mathematical and Quantitative Methods/C6 - Mathematical Methods and Programming/C61 - Optimization Techniques; Programming Models; Dynamic Analysis, D - Microeconomics/D5 - General Equilibrium and Disequilibrium/D51 - Exchange and Production Economies, E - Macroeconomics and Monetary Economics/E1 - General Aggregative Models/E13 - Neoclassical, O - Economic Development, Technological Change, and Growth/O4 - Economic Growth and Aggregate Productivity/O41 - One, Two, and Multisector Growth Models
%Z URL des Documents de travail : http://centredeconomiesorbonne.univ-paris1.fr/bandeau-haut/documents-de-travail/

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