Uniqueness of Arrow-Debreu and Arrow-Radner equilibrium when utilities are additively separable

Part of the Studies in Economic Design book series (DESI)


This survey paper has three purposes: We first present in finite dimension, different approaches to the problem of uniqueness of Arrow-Debreu equilibrium when agents have additively separable utilities. We then study how, in the specific framework of a two period contingent good economy the results obtained generalize to infinite dimension. We consider economies where agents’ consumption space is L + p (μ) 1 ≤ p ≤ ∞ and agents’ utilities are additively separable. Lastly, we show that in some restricted settings, some results may be used to prove uniqueness of Arrow-Radner equilibria when there are incomplete financial markets.


Fixed Point Theorem Equilibrium Price Aggregate Demand Unique Equilibrium Incomplete Market 
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© Springer-Verlag Berlin Heidelberg 2003

Authors and Affiliations

  1. 1.Place du maréchal De Lattre de TassignyCeremade, Université Paris IX - DauphineParisFrance

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