Volume 19, No 4, 2012, P. 15-34
V. A. Vasil’ev
On existence of walras equilibrium in a multi-regional economic model
In the paper, a general Walras equilibrium existence theorem is established for a class of multi-regional economic systems. In contrast to the earlier announced rather technical existence result, we propose quite simple assumptions consisting of the absence of cornucopia and strong regional autarchy requirements. It is worth to note that strong autarchy requirement is a modification of the well-known positive initial endowment assumption. Alongside with the existence result obtained, strong attention is paid to the comparative analysis of the core, Walras, and Edgeworth equilibria of multi-regional models under consideration.
Keywords: multi-regional interaction model, Walras equilibrium, core, k-splitting, Edgeworth equilibrium.
Vasil’ev Valerii Aleksandrovich 1,2
1. S. L. Sobolev Institute of Mathematics, SB RAS,
4 Acad. Koptyug Ave., 630090 Novosibirsk, Russia
Novosibirsk State University,
2 Pirogov St., 630090 Novosibirsk, Russia