The article analyzes the Dynkin (1975) stochastic model of economic equilibrium. We solve a question regarding this model that was open for a long time. We provide arguments yielding a complete proof of Dynkin's existence theorem for equilibrium paths.

The strong Whitney topology on the sets of maps of smooth manifolds induces a topology on the set of preferences in euclidean space. We prove that the obtained space is not connected which implies that there is no continuous social choice function defined on a finite power of this space. We also...

The strong Whitney topology on the sets of maps of smooth manifolds induces a topology on the set of preferences in euclidean space. We prove that the obtained space is not connected which implies that there is no continuous social choice function defined on a finite power of this space. We also...

We show that, in a pure exchange smooth economy, a redistribution of endowments involving singular economies can be supported by a unique and continuous path of supporting equilibrium price vectors if this redistribution is the projection of a path on the equilibrium manifold transversal to the...

It is well known that a competitive equilibrium may fail to exist when consumers' preferences are possibly satiated. In this paper, we provide three new sufficient conditions for the existence of a competitive equilibrium in the standard Arrow-Debreu pure exchange economy with satiated...

When individual preferences are strictly monotone, the continuity of the excess demand functions that is usually assumed to show the existence of a Walrasian equilibrium does not hold for price vectors in which at least one component is equal to zero. In this paper we provide a simple proof of...

When individual preferences are strictly monotone, the continuity of the excess demand functions that is usually assumed to show the existence of a Walrasian equilibrium does not hold for price vectors in which at least one component is equal to zero. In this paper we provide a simple proof of...

Under the assumption that the utility function is real analytic, we construct a complete metric on the equilibrium manifold with fixed total resources such that a minimal geodesic joining any two regular equilibria intersects the set of critical equilibria in a finite number of points.

We consider an exchange economy with an atomless space of consumers whose preference relations need not be monotone. We prove that if for every commodity, there is a group of consumers who regard it as potentially desirable, in a sense to be made precise, then there exists a competitive...