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

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

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Year of publication:	2011
Authors:	Goenka, Aditya ; Van, Cuong Le ; Nguyen, Manh-Hung
Institutions:	Development and Policies Research Center (Depocen)
Subject:	Optimal growth model \| Lagrange multipliers \| Competitive equilibrium \| Elastic labor supply

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Extent:	application/pdf
Series:	Working Papers.
Type of publication:	Book / Working Paper
Notes:	Number 21 22 pages
Classification:	C61 - Optimization Techniques; Programming Models; Dynamic Analysis ; 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/10008863962