Computing all of the equilibria of economies with two factors of production

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Abstract

In general, no method to find all the equilibria of an economy is known that does not involve an exhaustive search. In this paper we argue that for an economy with a generalized input- output structure and two factors of production such a search is feasible, and indeed can be performed graphically. After presenting a search procedure, we apply it to an example with multiple equilibria. It is hoped that study of the simple two factor model will provide insight into the question of non-uniqueness in more general models.

Original languageEnglish (US)
Pages (from-to)207-223
Number of pages17
JournalJournal of Mathematical Economics
Volume13
Issue number3
DOIs
StatePublished - Dec 1984

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