To make high-quality research more accessible and easier to explore.

Fields:
3 results ✕ Clear filters

Continuity of Equilibria for Production Economies: New Results

Econometrica 1977 45(8), 1777
[It has already been proven that when production is described by differentiable supply functions, the equilibrium correspondence is continuous for "most" economies [7 and 8]. The present paper generalizes this result to situations where production activities are described through a certain class of correspondences: namely, those which have a smooth graph and are such that the profit function is differentiable.]

Structure of Tax Equilibria

Econometrica 1983 51(2), 403
[The paper considers a world in which one public good is financed by commodity taxes. It concentrates on the global study of the set of tax equilibria (corresponding to any possible taxation scheme). In particular conditions for "regularity" and connectedness of this set are exhibited. Consequences obtain both for the positive theory of tax incidence in general equilibrium (existence, continuity, uniqueness) and for normative theory ("regularity" of optimal solutions, algorithms of tax reform...).]

Dynamics of Temporary Equilibria and Expectations

Econometrica 1976 44(6), 1157
This paper is devoted to the analysis of the dynamic behavior of a sequence of temporary equilibria. The model chosen is a generalization of Samuelson's pure consumption loan model as introduced by J. M. Grandmont and G. Laroque in [5]. Three main results are given. First there is an open and dense subset U of economies for which, near stationary equilibria and cycles, the dynamics take the standard form of an ordinary difference equation. Then conditions are obtained so that, for an economy E in U, stationary equilibria are locally asymptotically stable; these conditions are discussed in the case where there is only one good in addition to money. Last, it is proven that the qualitative behavior of trajectories of E near stationary equilibria and cycles is preserved under small perturbations; i.e., one has a property of local structural stability; this is true in particular with respect to changes in the individual expectations of the agents.