Gross substitutability in large-square economies

Timothy J. Kehoe; David K. Levine; Andreu Mas-Colell; Michael Woodford

doi:10.1016/0022-0531(91)90102-A

Gross substitutability in large-square economies

Timothy J. Kehoe, David K. Levine, Andreu Mas-Colell, Michael Woodford

Economics (Twin Cities)

Research output: Contribution to journal › Article › peer-review

25 Scopus citations

Abstract

This paper investigates the implications of gross substitutability of excess demand functions for the equilibria of exchange economies with countably many goods and arbitrarily many consumers. We provide uniqueness theorems for general models. We also show that the equilibrium trajectories of dynamic, stationary overlapping generations economies satisfy strong turnpike properties. In particular, we are able to extend Gale's characterization of the equilibrium dynamics of the model with one good per period, one consumer per generation, and two periods of life to models with many goods, many consumers, and many periods of life.

Original language	English (US)
Pages (from-to)	1-25
Number of pages	25
Journal	Journal of Economic Theory
Volume	54
Issue number	1
DOIs	https://doi.org/10.1016/0022-0531(91)90102-A
State	Published - Jun 1991

Bibliographical note

Funding Information:
are grateful for financial support to the Mathematical Sciences Research Institute CA), the National Science Foundation, the U.C.L.A. Academic Senate (second the Guggenheim Foundation (third author). and the Department of Economics of (third author).

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10.1016/0022-0531(91)90102-A

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title = "Gross substitutability in large-square economies",

abstract = "This paper investigates the implications of gross substitutability of excess demand functions for the equilibria of exchange economies with countably many goods and arbitrarily many consumers. We provide uniqueness theorems for general models. We also show that the equilibrium trajectories of dynamic, stationary overlapping generations economies satisfy strong turnpike properties. In particular, we are able to extend Gale's characterization of the equilibrium dynamics of the model with one good per period, one consumer per generation, and two periods of life to models with many goods, many consumers, and many periods of life.",

author = "Kehoe, {Timothy J.} and Levine, {David K.} and Andreu Mas-Colell and Michael Woodford",

note = "Funding Information: are grateful for financial support to the Mathematical Sciences Research Institute CA), the National Science Foundation, the U.C.L.A. Academic Senate (second the Guggenheim Foundation (third author). and the Department of Economics of (third author).",

year = "1991",

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AU - Levine, David K.

AU - Mas-Colell, Andreu

AU - Woodford, Michael

N1 - Funding Information: are grateful for financial support to the Mathematical Sciences Research Institute CA), the National Science Foundation, the U.C.L.A. Academic Senate (second the Guggenheim Foundation (third author). and the Department of Economics of (third author).

PY - 1991/6

Y1 - 1991/6

N2 - This paper investigates the implications of gross substitutability of excess demand functions for the equilibria of exchange economies with countably many goods and arbitrarily many consumers. We provide uniqueness theorems for general models. We also show that the equilibrium trajectories of dynamic, stationary overlapping generations economies satisfy strong turnpike properties. In particular, we are able to extend Gale's characterization of the equilibrium dynamics of the model with one good per period, one consumer per generation, and two periods of life to models with many goods, many consumers, and many periods of life.

AB - This paper investigates the implications of gross substitutability of excess demand functions for the equilibria of exchange economies with countably many goods and arbitrarily many consumers. We provide uniqueness theorems for general models. We also show that the equilibrium trajectories of dynamic, stationary overlapping generations economies satisfy strong turnpike properties. In particular, we are able to extend Gale's characterization of the equilibrium dynamics of the model with one good per period, one consumer per generation, and two periods of life to models with many goods, many consumers, and many periods of life.

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Gross substitutability in large-square economies

Abstract

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