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Necessary and sufficient conditions for global uniqueness of equilibria

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  • Covarrubias, Enrique

Abstract

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 set of economies has a compact set of equilibria.

Suggested Citation

  • Covarrubias, Enrique, 2008. "Necessary and sufficient conditions for global uniqueness of equilibria," MPRA Paper 8833, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:8833
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    References listed on IDEAS

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    1. Debreu, Gerard, 1984. "Economic Theory in the Mathematical Mode," American Economic Review, American Economic Association, vol. 74(3), pages 267-278, June.
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    6. Chichilnisky, Graciela, 1997. "Topology and invertible maps," MPRA Paper 8811, University Library of Munich, Germany.
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    More about this item

    Keywords

    general equilibrium; invertibility; global uniqueness; critical economy; regular economy; equilibrium manifold; natural projection; diffeomorphism; Jacobian;
    All these keywords.

    JEL classification:

    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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