This paper proves the existence of competitive equilibrium in a single-sector dynamic economy with heterogeneous agents and elastic labor sup- ply. 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 Brouwer xed […]

This paper proves the existence of competitive equilibrium in a single-sector dynamic economy with heterogeneous agents and elastic labor supply. The method of proof relies on some recent results concerning the existence of Lagrange multipliers in infinite dimensional spaces and their representation as a summable sequence and a direct application of the Brouwer fixed point […]