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Structural stability and catastrophes

Author

Listed:
  • 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.

Suggested Citation

  • Andrea Loi & Stefano Matta, 2012. "Structural stability and catastrophes," Economics Bulletin, AccessEcon, vol. 32(4), pages 3378-3385.
    • Handle: RePEc:ebl:ecbull:eb-12-00560
    as

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    File URL: http://www.accessecon.com/Pubs/EB/2012/Volume32/EB-12-V32-I4-P325.pdf
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    References listed on IDEAS

    as
    1. Loi, Andrea & Matta, Stefano, 2011. "Catastrophes minimization on the equilibrium manifold," Journal of Mathematical Economics, Elsevier, vol. 47(4), pages 617-620.
    2. Loi, Andrea & Matta, Stefano, 2010. "A note on the structural stability of the equilibrium manifold," Journal of Mathematical Economics, Elsevier, vol. 46(4), pages 591-594, July.
    3. 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.
    4. Balasko, Yves, 1992. "The set of regular equilibria," Journal of Economic Theory, Elsevier, vol. 58(1), pages 1-8, October.
    5. Loi, Andrea & Matta, Stefano, 2009. "Evolution paths on the equilibrium manifold," Journal of Mathematical Economics, Elsevier, vol. 45(12), pages 854-859, December.
    6. Garratt, Rod & Goenka, Aditya, 1995. "Income redistributions without catastrophes," Journal of Economic Dynamics and Control, Elsevier, vol. 19(1-2), pages 441-455.
    7. Balasko, Yves, 1978. "Economic Equilibrium and Catastrophe Theory: An Introduction," Econometrica, Econometric Society, vol. 46(3), pages 557-569, May.
    8. Loi, Andrea & Matta, Stefano, 2009. "A note on the structural stability of the equilibrium manifold," MPRA Paper 15507, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Equilibrium manifold; regular equilibria; catastrophes; structural stability; smooth selection of prices.;
    All these keywords.

    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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