Econometrica: Apr 1977, Volume 45, Issue 3

Some Generic Properties of Aggregate Excess Demand and an Application

https://doi.org/0012-9682(197704)45:3<591:SGPOAE>2.0.CO;2-O
p. 591-600

Andreu Mas-Colell, Wilhelm Neuefeind

The fact that preference maximizing consumers generate aggregate excess demand is utilized to prove (i) a statement on the values of the excess demand correspondence and (ii) that the economies having an excess demand function are dense in the set of all economies. This is applied to get a straightforward proof for the existence of an equilibrium distribution.

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