Whalley, J., S. Zhang——Economic Modelling: Parametric persistence of multiple equilibria in an economy directly calibrated to 5 equilibria
时间:2014-05-23
In existing literature, there are few concrete examples of multiple equilibria and the only ones known to us have 3 equilibria, but multiplicity remains a major concern for applied models used in policy work. Here, we report numerical examples for a 3 individual 2 good CES/LES pure exchange economy directly calibrated to 5 equilibria. We are able to use analytical methods of the model to show that for certain parameterizations there are no more than 5 equilibria (given the parameter values). We