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Nonsatiation condition and the existence of equilibrium

Tác giả: Nguyễn Minh Trang

Nhà xuất bản: Journal of Science and Technology - Thainguyen University Vol. 57(9), pp. 27-31.

In this paper we first introduce the model of equilibrium in an economy having goods, producers and consumers. The prices of goods and the ratio of the profit that consumers get from producers are decided by the producers. An equilibrium of the economy is a list of consumtion goods with their prices and the producing goods which satisfies the matket clearing and budget constraint. We also introduce two lemmas for the proof of the existence of equilibrium. The nonsatiation condition is stated for every consumer: whatever the commodity bundle may be, there exists another consumption bundle she/he strictly prefers. With this condition, we then give the proof of the existence of equilibrium.