Exploring multiple equilibria for symmetric 2 × 2 CES/LES pure exchange economies

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...

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Bibliographic Details
Published in:Applied Mathematics-A Journal of Chinese Universities 2010-06, Vol.25 (2), p.137-154
Main Authors: Shi, Xiao-jun, Zhang, Shun-ming
Format: Article
Language:English
Subjects:
Applications of Mathematics
Mathematics
Mathematics and Statistics
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Summary: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.
ISSN:1005-1031
1993-0445
DOI:10.1007/s11766-010-2422-7