Exploring multiple equilibria for symmetric 2×2 CES/LES pure exchange economies  

作　　者：SHI Xiao-jun ZHANG Shun-ming 

机构地区：[1]School of Economics and Management, Beijing University of Aeronautics and Astronautics, Beijing 100191, China [2]China Financial Policy Research Center, Renmin University of China, Beijing 100872, China

出　　处：《Applied Mathematics(A Journal of Chinese Universities)》2010年第2期137-154,共18页高校应用数学学报（英文版）（B辑）

基　　金：Supported by National Social Science Foundation of China 2007(07AJL002);National Natural Science Foundation of China(70825003, 70972001)

摘　　要：This paper explores the existence of 3 equilibria for symmetric 2-individual 2-good CES/LES pure exchange economies. For certain parameterizations in the economies, we show analytically that there are no more than 3 equilibria. We generalize our analytical results of existence of 3 equilibria for a wide range of parameterizations. Then we provide examples of 3 equilibria and parameter zones of 3 equilibria for CES and CES/LES economies.This paper explores the existence of 3 equilibria for symmetric 2-individual 2-good CES/LES pure exchange economies. For certain parameterizations in the economies, we show analytically that there are no more than 3 equilibria. We generalize our analytical results of existence of 3 equilibria for a wide range of parameterizations. Then we provide examples of 3 equilibria and parameter zones of 3 equilibria for CES and CES/LES economies.

关 键 词：Multiple equilibria Cobb-Douglas utility function CES/LES utility function. 

分 类 号：F127[经济管理—世界经济] TN912[电子电信—通信与信息系统]