abstract

• In this article, we extend to private ownership production economies, the results presented by Bergstrom, Shimomura, and Yamato (2009) on the multiplicity of equilibria for the special kind of pure-exchanges economies called Shapley-Shubik economies. Furthermore, a dynamic system that represents the changes in the distribution of the firms on the production branches is introduced. For the first purpose, we introduce a particular, but large enough, production sector to the Shapley-Shubik economies, for which a simple technique to build private-ownership economies with a multiplicity of equilibria is developed. In this context, we analyze the repercussions on the behavior of the economy when the number of possible equilibria changes due to rational decisions on the production side. For the second purpose, we assume that the rational decisions on the production side provoke a change in the distribution of the firms over the set of branches of production. © American Institute of Mathematical Sciences

authors

• Accinelli Gamba Elvio

publication date

• 2021-01-01

published in

• Journal of Dynamics and Games  Journal

keywords

• competitive equilibrium; mirror-symmetric Shapley-Shubik economy with mirror production; multiple equilibria; Neoclassical ownership private production economy Economics; Competitive equilibrium; Mirror production; Mirror-symmetric shapley-shubik economy with mirror production; Multiple equilibrium; Multiplicity of equilibria; Neoclassical ownership private production economy; Private ownerships; Pure exchanges; Shapley; Symmetrics; Mirrors

Digital Object Identifier (DOI)

• 10.3934/jdg.2021002

PubMed ID

start page

• 69

end page

• 99

volume

• 8

issue

• 1