Structural stability and catastrophes
AbstractWe 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 set of critical equilibria.
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Bibliographic InfoArticle provided by AccessEcon in its journal Economics Bulletin.
Volume (Year): 32 (2012)
Issue (Month): 4 ()
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Equilibrium manifold; regular equilibria; catastrophes; structural stability; smooth selection of prices.;
Find related papers by JEL classification:
- D5 - Microeconomics - - General Equilibrium and Disequilibrium
- C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
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- Loi, Andrea & Matta, Stefano, 2009. "A note on the structural stability of the equilibrium manifold," MPRA Paper 15507, University Library of Munich, Germany.
- Balasko, Yves, 1992. "The set of regular equilibria," Journal of Economic Theory, Elsevier, vol. 58(1), pages 1-8, October.
- Loi, Andrea & Matta, Stefano, 2011. "Catastrophes minimization on the equilibrium manifold," Journal of Mathematical Economics, Elsevier, vol. 47(4), pages 617-620.
- Garratt, Rod & Goenka, Aditya, 1995. "Income redistributions without catastrophes," Journal of Economic Dynamics and Control, Elsevier, vol. 19(1-2), pages 441-455.
- Andrea, Loi & Stefano, Matta, 2006.
"Evolution paths on the equilibrium manifold,"
4694, University Library of Munich, Germany.
- Dierker, Egbert, 1993. "Regular economies," Handbook of Mathematical Economics, in: K. J. Arrow & M.D. Intriligator (ed.), Handbook of Mathematical Economics, edition 4, volume 2, chapter 17, pages 795-830 Elsevier.
- Balasko, Yves, 1978. "Economic Equilibrium and Catastrophe Theory: An Introduction," Econometrica, Econometric Society, vol. 46(3), pages 557-69, May.
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