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General equilibrium with producers and brokers existence and regularity

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Date
1993
Dewey
Microéconomie
Sujet
Equilibrium; Exchange and Production Economies; Transaction Costs
JEL code
D51; C62; D58; D23
Journal issue
Economics Letters
Volume
41
Number
3
Publication date
1993
Article pages
257-263
Publisher
Elsevier
DOI
http://dx.doi.org/10.1016/0165-1765(93)90150-B
URI
https://basepub.dauphine.fr/handle/123456789/5640
Collections
  • CEREMADE : Publications
Metadata
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Author
Jouini, Elyès
Kallal, Hedi
Type
Article accepté pour publication ou publié
Abstract (EN)
In this paper we prove the existence of general equilibrium with transaction costs generalizing Hahn's (Review of Economic Studies, 1973, 40, 449-461) model by introducing producers and nonconvexities (in particular we allow for increasing returns in transaction sets). We also recover any exchange economy as a special case and this allows us to analyze the effects of small frictions on bid-ask prices, consumption vectors and utilities. We prove that, generically, the induced perturbations are of the same order as the frictions.

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