Showing 1 - 10 of 17
This paper deals with generic determinacy of equilibria for infinite dimensional consumption spaces. Our work could be seen as an infinite-dimensional analogue of Dierker and Dierker (1972), by characterising equilibria of an economy as a zero of the aggregate excess demand, and studying its...
Persistent link: https://www.econbiz.de/10005836675
We construct an index theorem for smooth infinite economies that shows that generically the number of equilibria 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/10009023316
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
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
We construct an index theorem for smooth infinite economies that shows that generically the number of equilibria 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/10010322551
We study global properties of the equilibrium set of economies with a continuous consumption space. This framework is important in intertemporal allocation problems (continuous or infinite time), financial markets with uncertainty (continuous states of nature) and commodity differentiation. We...
Persistent link: https://www.econbiz.de/10010322578
The main contribution of this paper is to place smooth infinite economies in the setting of the equilibrium manifold and the natural projection map à la Balasko. We show that smooth infinite economies have an equilibrium set that has the structure of a Banach manifold and that the natural...
Persistent link: https://www.econbiz.de/10010322634
We study global properties of the equilibrium set of economies with a continuous consumption space. This framework is important in intertemporal allocation problems (continuous or infinite time), financial markets with uncertainty (continuous states of nature) and commodity differentiation. We...
Persistent link: https://www.econbiz.de/10008523582
The main contribution of this paper is to place smooth infinite economies in the setting of the equilibrium manifold and the natural projection map à la Balasko. We show that smooth infinite economies have an equilibrium set that has the structure of a Banach manifold and that the natural...
Persistent link: https://www.econbiz.de/10008494214
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