General Equilibrium and Resource Economics

For a number of reasons a large class of general equilibrium models from the field of resource economics does not allow for an equilibrium analysis along the lines of the theory of infinite dimensional commodity spaces. The reasons concern the choice of the commodity space and the applicability of p...

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Bibliographic Details
Published inEconomic theory Vol. 14; no. 3; pp. 691 - 704
Main Authors van Geldrop, Jan H., Withagen, Cees A.
Format Journal Article
LanguageEnglish
Published Springer-Verlag 01.11.1999
Subjects
Applied general equilibrium models
Commercial production
Commodities
Consumer economics
Economic modeling
Economic models
Economic theory
Exposita Notes
General economic equilibrium
Marginal utility
Modelling
Neoclassical economics
Nonrenewable resources
Resource economics
Resource management
Technology
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Summary:For a number of reasons a large class of general equilibrium models from the field of resource economics does not allow for an equilibrium analysis along the lines of the theory of infinite dimensional commodity spaces. The reasons concern the choice of the commodity space and the applicability of properness assumptions with respect to preferences and the technology. This paper illustrates the difficulties and shows for a prototype model how the problems can successfully be tackled by the use of a limit argument on equilibria in the truncated economies.
Bibliography:ObjectType-Article-2
SourceType-Scholarly Journals-1
ObjectType-Feature-1
content type line 23
ISSN:0938-2259
1432-0479
DOI:10.1007/s001990050349