Existence of competitive equilibrium in a single-sector growth model with heterogeneous agents and endogenous leisure.

We prove the existence of competitive equilibrium in a single-sector dynamic economy with heterogeneous agents and elastic labor supply. The method of proof relies on exploiting the existence of Lagrange multipliers in infinite dimensional spaces and the link between Pareto-optima and competitive equilibria.

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Year of publication:	2005-10
Authors:	Van, Cuong Le ; Nguyen, Manh Hung
Institutions:	Maison des Sciences Économiques, Université Paris 1 (Panthéon-Sorbonne)
Subject:	Optimal growth model \| Lagrange multipliers \| single-sector growth model \| competitive equilibrium \| elastic labor supply

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Extent:	application/pdf
Series:	Cahiers de la Maison des Sciences Economiques. - ISSN 1624-0340.
Type of publication:	Book / Working Paper
Notes:	22 pages
Classification:	C61 - Optimization Techniques; Programming Models; Dynamic Analysis ; C62 - Existence and Stability Conditions of Equilibrium ; D51 - Exchange and Production Economies ; E13 - Neoclassical ; O41 - One, Two, and Multisector Growth Models
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005670979