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Persistent link: https://www.econbiz.de/10001145335
In this paper we prove the existence of general equilibrium with transaction costs generalizing Hahn's (Review of Economic Studies, 1973, 40, 449-461) model by introducing producers and nonconvexities (in particular we allow for increasing returns in transaction sets). We also recover any...
Persistent link: https://www.econbiz.de/10012776284
We consider a general equilibrium model in which the production sector may exhibit increasing returns to scale or more general types of nonconvexities. We assume that the firms follow general pricing rules. Under standard assumptions in this model, we establish an index formula, which...
Persistent link: https://www.econbiz.de/10012776304
Persistent link: https://www.econbiz.de/10001126847