EXISTENCE OF COMPETITIVE EQUILIBRIUM IN AN OPTIMAL GROWTH MODEL WITH HETEROGENEOUS AGENTS AND ENDOGENOUS LEISURE | Zendy

Aditya Goenka | Zendy; Cuong Le Van | Zendy; ManhHung Nguyen | Zendy

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EXISTENCE OF COMPETITIVE EQUILIBRIUM IN AN OPTIMAL GROWTH MODEL WITH HETEROGENEOUS AGENTS AND ENDOGENOUS LEISURE

Author(s) -

Aditya Goenka,

Cuong Le Van,

ManhHung Nguyen

Publication year - 2012

Publication title -

macroeconomic dynamics

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.741

H-Index - 46

eISSN - 1469-8056

pISSN - 1365-1005

DOI - 10.1017/s1365100511000587

Subject(s) - economics , competitive equilibrium , mathematical economics , lagrange multiplier , asset (computer security) , boundary (topology) , sequence (biology) , representation (politics) , fixed point , endogenous growth theory , mathematics , microeconomics , mathematical optimization , computer science , market economy , human capital , mathematical analysis , biology , politics , political science , law , genetics , computer security

This paper proves the existence of competitive equilibrium in a single-sector dynamic economy with heterogeneous agents, elastic labor supply, and complete asset markets. 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 inward-boundary fixed point theorem.

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