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the theory has to be consistent with the Jevons’s law of unique price. Such tâtonnement prescribes that the rule for …
Persistent link: https://www.econbiz.de/10009021714
In this paper we introduce basic notions of new economic model where preference relations on commodities set are represented by a group action on Euclidean space instead of utility function. Conditions that ensure the existence of individual demand functions and a general equilibrium in the...
Persistent link: https://www.econbiz.de/10011108659
We study the problem of finding necessary and sufficient conditions that guarantee global uniqueness of equilibria in a pure exchange economy. We show that for every economy to have a unique equilibrium it is necessary and sufficient that (i) there are no critical economies and (ii) a compact...
Persistent link: https://www.econbiz.de/10005260325
The main purpose of this paper is to remark that any definable continuous path linking two regular equilibria in a regular O-minimal equilibrium manifold intersects a finite number of definable connected components locally determined. We apply the cell decomposition theorem to decompose the...
Persistent link: https://www.econbiz.de/10011107313
The main purpose of this paper is to outline that the definable Debreu map is a local definable diffeomorphism. It implies the equilibrium is locally determined in each connected component partitioning a regular O-minimal equilibrium manifold. It complements the result in Theorem 5 of Arias-R....
Persistent link: https://www.econbiz.de/10011108403
In this paper we provide necessary and sufficient conditions for the excess demand function of a pure exchange economy to be globally invertible so that there is a unique equilibrium. Indeed, we show that an excess demand function is globally invertible if and only if its Jacobian never vanishes...
Persistent link: https://www.econbiz.de/10011108943
The aim of this paper is to prove that if the consumption set of an economy with incomplete financial markets is semi-algebraic, then the corresponding pseudo-equilibrium manifold is also semi-algebraic. For this, we proceed by constructing an incomplete financial economy with real assets and...
Persistent link: https://www.econbiz.de/10011111134
This work extends the Sard-Smale Theorem to maps between convex subsets of Banach spaces that may have an empty interior.
Persistent link: https://www.econbiz.de/10011113880
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...
Persistent link: https://www.econbiz.de/10005025731
We construct an index theorem for smooth infinite economies with separable utilities that shows that generically the number of equilbria is odd. As a corollary, this gives a new proof of existence and gives conditions that guarantee global uniqueness of equilibria.
Persistent link: https://www.econbiz.de/10005621766