Abstract
The concept of a general economic equilibrium based on balance of supply and demand has played a central role in theoretical economics since very beginning. One of the basic assumptions in mathematical modelling of the equilibrium economic model is the continuity of functions describing the model. This article analyses simplified version of Gale model from year 1955 by weakening the condition of strict convexity and continuity of utilities functions and proving existence of quasi-equilibrium in generalized Gale model.
| Original language | English |
|---|---|
| Pages (from-to) | 93-102 |
| Number of pages | 10 |
| Journal | Mathematical Modelling and Analysis |
| Volume | 8 |
| Issue number | 2 |
| DOIs | |
| Publication status | Published - 2003 |
OECD Field of Science
- 1.1 Mathematics
Keywords
- Economic equilibrium
- Equilibrium economic model
- Gale model
- Mathematichal modelling
- Quasi-equilibrium
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