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image/svg+xml Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao Closed Access logo, derived from PLoS Open Access logo. This version with transparent background. http://commons.wikimedia.org/wiki/File:Closed_Access_logo_transparent.svg Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao zbMATH Openarrow_drop_down
image/svg+xml Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao Closed Access logo, derived from PLoS Open Access logo. This version with transparent background. http://commons.wikimedia.org/wiki/File:Closed_Access_logo_transparent.svg Jakob Voss, based on art designer at PLoS, modified by Wikipedia users Nina and Beao
zbMATH Open
Article . 1981
Data sources: zbMATH Open
The Review of Economic Studies
Article . 1981 . Peer-reviewed
Data sources: Crossref
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On Uniqueness of General Equilibrium

On uniqueness of general equilibrium
Authors: Iritani, Jun;

On Uniqueness of General Equilibrium

Abstract

Interest in the uniqueness of general equilibrium price is being revived with a new view from differential topology (Debreu (1970), Dierker (1972), Varian (1975), Nishimura (1978)). They provide sufficient conditions for uniqueness that may be summarized as follows: if the determinant of a Jacobian at equilibria has a non zero constant sign then the equilibrium price vector is unique. Although the approach in this paper is rather traditional, the necessary and sufficient condition for establishing the uniqueness is completely discussed. In his classic paper on three Hicksian laws, Morishima (1960) showed that the competitive equilibrium is unique under the assumptions of weak gross substitutability and indecomposability.1 We will show that his reasoning and a view with a slightly different approach lead to the conclusion that a weaker version of indecomposability is necessary and sufficient for establishing the uniqueness of competitive equilibrium price. 2 Section 2 deals with the necessary and sufficient condition for the uniqueness. In Section 3, some historical considerations will be made on Morishima's uniqueness theorem in its relation to ours. The main theme will be to show that his concept of indecomposability implies weak gross substitutability.

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Keywords

weak gross substitutability, General equilibrium theory, competitive equilibrium price, general equilibrium price, uniqueness conditions, necessary and sufficient condition, indecomposability

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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
3
Average
Top 10%
Average
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