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Abstract
Under certain conditions on the excess demand function, it is shown that the set of equilibrium prices coincides with the set of maximizers of a potential function. Therefore, monotone comparative statics techniques can be employed to study how equilibrium prices change when there are shocks to the parameters of the model. As a by-product of our analysis, it turns out that the set of equilibrium prices is a convex lattice.
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Date
2016
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Keywords
Comparative analysis, Equilibrium (Economics), Monotone comparative statics, Potential function, Supermodularity, Walrasian equilibrium, Weak gross substitution property
Citation
Ruscitti, Francesco, Ram Sewak Dubey. “Monotone Comparative Statics in General Equilibrium.” Economics Bulletin 36 (1): 187-197. 2016.
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Attribution 4.0 International