Under certain regularity conditions, if the distribution of income is price independent and satisfies a condition on the shape of its graph, then total market demand is monotone. The author's methods allow for density functions increasing on some intervals, like unimodal distributions or even densities with more than one peak. Similar assumptions on the distribution of endowments yield a restricted monotonicity property on the aggregate excess demand function of a Walrasian pure exchange economy with wealth determined by market prices. It follows that the unique equilibrium price is stable. Copyright 1995 by The Econometric Society.
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Publisher Info
Article provided by Econometric Society in its journal Econometrica.
For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).
Related research
Keywords:
Other versions of this item:
Paper
Cited by: (explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)