Edgeworth Box Economies with Multiple Equilibria

By Toda Alexis Akira and James Kieran
Economic Theory Bulletin (2017)

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Abstract

We derive sufficient conditions for the existence of multiple equilibria in two-good, two-agent pure exchange economies with heterogeneous but symmetric preferences with identical Bernoulli utilities. When preferences are non-homothetic (for example, quadratic, quasi-linear, or HARA), multiple equilibria are possible even with identical endowments.

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Suggested citation

Toda A. and James K. (2017) Edgeworth Box Economies with Multiple Equilibria. Economic Theory Bulletin, 5, 65-80.

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