Existence of competitive equilibrium in an optimal growth model with heterogeneous agents and endogenous leisure
Résumé
This paper proves the existence of competitive equilibrium in a single-sector dynamic economy with heterogeneous agents, elastic labor supply and complete assets markets. The method of proof relies on some recent results concerning the existence of Lagrange multipliers in in nite dimensional spaces and their representation as a summable sequence and a direct application of the inward boundary fixed point theorem.
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