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LAWRENCE J LAU 151 Department of Economics Stanford University
ANDREU MASCOLELL 323 Department of Economics University
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adjustment agent aggregate analysis asset assumed assumption balance of payments bounded Brock capital stock characterization commodity comparative dynamics competitive consider constraint consumption consumption set consumption-value maximization convergence convex defined demand function denote derived differentiable discount distribution Econ Econometrica efficient growth path employment equation equilibrium condition example excess demand exists factor price equalization feasible growth path feasible program finite follows given golden-rule Hence homeomorphism horizon effect implies income increase inefficient infinite horizon initial stock interest rate inventory labor Lemma linear market orders Mas-Colell matrix McKenzie Nash equilibrium nonnegative numeraire obtain output paper parameters Pareto optimal period policies positive problem proof properties Proposition random variables satisfies Scheinkman Section sequence solution specialist stochastic stochastic process stock equilibrium Stolper-Samuelson theorem strictly concave subset supply Suppose tatonnement theorem theory tion trading transversality conditions unique utility function vector Walras zero