A "classical" general equilibrium model

  1. Antonio Villar Notario
Revista:
Working papers = Documentos de trabajo: Serie AD

Any de publicació: 1991

Número: 11

Pàgines: 1-38

Tipus: Document de treball

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Resum

It is shown in this paper how for any parametrically given rate of profits p, a price vector and an allocation exist such that: (a) Consumers maximize their preferences subject to their budget constraints; (b) Firms maximize profits; (c) Al1 active firms are equally profitable (with a rate of return equal to p); and (d) All markets clear.

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