Multiplicity of Equilibria

A pure exchange, general equilibrium model is considered and the equilibrium set is studied. It is shown for all total endowments and an open and dense set of preferences that if there arel≥2 commodities andm≥2 consumers then there exists a set of distributions of endowments with nonempty interior such that the associated economies have at leastl-1+min{l,m} equilibria forl+min{l,m} even and at leastl-2+min{l,m} equilibria forl+min{l,m} odd.Journal of Economic Literature, Classification Number D51. © 1997 Academic Press.