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Uniqueness of Equilibrium

Name: Uniqueness of Equilibrium
Creator: Michael Allingham

descriptionPublicationkeyboard_double_arrow_right Part of book or chapter of book , Other literature type 01 Jan 1987Publisher:Palgrave Macmillan UK

Authors: Michael Allingham;

doi: 10.1057/978-1-349-95189-5_1760 , 10.1007/978-1-349-19802-3_36 , 10.1057/978-1-349-95121-5_1760-1 , 10.1057/9780230226203.3715

Uniqueness of Equilibrium

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Abstract

In general equilibrium theory, equilibrium prices may be interpreted as those prices which coordinate the buying and selling plans of all the various agents in the economy; equivalently, they may be interpreted as the values of the commodities. Such values will only be well defined if there is only one system of coordinating prices, that is, if the equilibrium is unique. If this does not obtain then at least the set of equilibrium price systems should not be too large, that is, there should be only a finite number of equilibria.

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