The Monotonicity Theorem: How a Simple Condition Guarantees Equilibrium Uniqueness and Efficiency
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The Monotonicity Theorem: How a Simple Condition Guarantees Equilibrium Uniqueness and Efficiency
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This story was originally published on HackerNoon at: https://hackernoon.com/the-monotonicity-theorem-how-a-simple-condition-guarantees-equilibrium-uniqueness-and-efficiency.
Further demonstrating that if the economy is strictly monotonic, the equilibrium is Pareto-efficient and also unique
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Further demonstrating that if the economy is strictly monotonic, the equilibrium is not only Pareto-efficient but also unique, providing a critical condition for ruling out multiple equilibria.