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15 mai 2018
- handle: 10670/1.3jmmfv
- isbn: 978-981-10-8614-4
- hal: hal-03260818
- doi: 10.1007/978-981-10-8615-1_7
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info:eu-repo/semantics/altIdentifier/doi/10.1007/978-981-10-8615-1_7
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Cuong Le-Van et al., « A General Equilibrium Model in Which Consumption Takes Time », HAL-SHS : économie et finance, ID : 10.1007/978-981-10-8615-1_7
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Résumé
This chapter examines a general equilibrium competitive economy with many heterogeneous agents. The key feature of the model is that consumption itself takes time so that a typical household is subject to a financial constraint as well as a time constraint. Using the dividend approach proposed by Le-Van and Nguyen (J Math Econ 43:135−152, 2007), it is shown that the economy possesses at least one autarkic Walrasian equilibrium. Sufficient conditions for the uniqueness of the autarkic equilibrium are then derived. Finally, a specific example is provided to illustrate the working of the model, including the derivation of the equilibrium labour allocation and some comparative static results.