A note on the structural stability of the equilibrium manifold
In a smooth pure exchange economy with fixed total resources we investigate whether the smooth selection property holds when endowments are redistributed across consumers through a continuous (non-local) redistribution policy. We show that if the policy is regular then there exists a unique continuous path of equilibrium prices which support it.
Year of publication: |
2010
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Authors: | Loi, Andrea ; Matta, Stefano |
Published in: |
Journal of Mathematical Economics. - Elsevier, ISSN 0304-4068. - Vol. 46.2010, 4, p. 591-594
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Publisher: |
Elsevier |
Keywords: | Equilibrium manifold Regular equilibria Catastrophes Structural stability Smooth selection of prices |
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