English

On the construction of general equilibria in a competitive economy

Logic 2016-11-09 v1

Abstract

This paper gives a constructive treatment of McKenzie's theorem on the existence of general equilibria. While the full theorem does not admit a constructive proof, and hence does not admit a computational realisation, we show that if we strengthen the conditions on our preference relation---we require \succ to be uniformly rotund in the sense of Bridges [5]---then we can find `approximate equilibrium points,' points at which the collective profit may not be maximal, but can be made arbitrarily close to being maximal.

Keywords

Cite

@article{arxiv.1611.02534,
  title  = {On the construction of general equilibria in a competitive economy},
  author = {Matthew Hendtlass and Nazar Miheisi},
  journal= {arXiv preprint arXiv:1611.02534},
  year   = {2016}
}