TY - JOUR
T1 - Computing all of the equilibria of economies with two factors of production
AU - Kehoe, Timothy J.
PY - 1984/12
Y1 - 1984/12
N2 - 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.
AB - 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.
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U2 - 10.1016/0304-4068(84)90030-2
DO - 10.1016/0304-4068(84)90030-2
M3 - Article
AN - SCOPUS:48549112865
SN - 0304-4068
VL - 13
SP - 207
EP - 223
JO - Journal of Mathematical Economics
JF - Journal of Mathematical Economics
IS - 3
ER -