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27/07/2022

Existence of competitive equilibrium in an optimal growth model with heterogeneous agents and endogenous leisure

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 point
theorem.