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Structural stability and catastrophes

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  • Andrea Loi

    ()
    (University of Cagliari - Italy)

  • Stefano Matta

    ()
    (University of Cagliari - Italy)

Abstract

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 set of critical equilibria.

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File URL: http://www.accessecon.com/Pubs/EB/2012/Volume32/EB-12-V32-I4-P325.pdf
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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 32 (2012)
Issue (Month): 4 ()
Pages: 3378-3385

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Handle: RePEc:ebl:ecbull:eb-12-00560

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Keywords: Equilibrium manifold; regular equilibria; catastrophes; structural stability; smooth selection of prices.;

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  1. 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.
  2. Balasko, Yves, 1978. "Economic Equilibrium and Catastrophe Theory: An Introduction," Econometrica, Econometric Society, vol. 46(3), pages 557-69, May.
  3. Garratt, Rod & Goenka, Aditya, 1995. "Income redistributions without catastrophes," Journal of Economic Dynamics and Control, Elsevier, vol. 19(1-2), pages 441-455.
  4. Loi, Andrea & Matta, Stefano, 2011. "Catastrophes minimization on the equilibrium manifold," Journal of Mathematical Economics, Elsevier, vol. 47(4), pages 617-620.
  5. Loi, Andrea & Matta, Stefano, 2009. "A note on the structural stability of the equilibrium manifold," MPRA Paper 15507, University Library of Munich, Germany.
  6. Balasko, Yves, 1992. "The set of regular equilibria," Journal of Economic Theory, Elsevier, vol. 58(1), pages 1-8, October.
  7. Loi, Andrea & Matta, Stefano, 2009. "Evolution paths on the equilibrium manifold," Journal of Mathematical Economics, Elsevier, vol. 45(12), pages 854-859, December.
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