Exploring multiple equilibria for symmetric 2×2 CES/LES pure exchange economies

摘要

This paper explores the existence of 3 equilibria for symmetric 2-individual 2-good CES/LES pure exchange economies. For certain parameterizations in the economies, we show analytically that there are no more than 3 equilibria. We generalize our analytical results of existence of 3 equilibria for a wide range of parameterizations. Then we provide examples of 3 equilibria and parameter zones of 3 equilibria for CES and CES/LES economies.