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The index theorem for a GEI economy when the degree of incompleteness is even

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  • Momi, Takeshi

Abstract

The purpose of this paper is to present a method to compute the index in an incomplete market economy. We show that generically in endowments and the asset structure the index theorem holds when the deficiency of markets, S-J, is even. The result is based on the indices of homotopies which have been presented for computation of an equilibrium in incomplete market economies.

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File URL: http://www.sciencedirect.com/science/article/B6VBY-4871998-3/2/ccf4c03aa0f2c19896b92069e4d4786a
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Bibliographic Info

Article provided by Elsevier in its journal Journal of Mathematical Economics.

Volume (Year): 39 (2003)
Issue (Month): 3-4 (June)
Pages: 273-297

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Handle: RePEc:eee:mateco:v:39:y:2003:i:3-4:p:273-297

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Web page: http://www.elsevier.com/locate/jmateco

Related research

Keywords: Incomplete market Index theorem Homotopy;

References

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  1. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
  2. Magill, Michael & Shafer, Wayne, 1991. "Incomplete markets," Handbook of Mathematical Economics, in: W. Hildenbrand & H. Sonnenschein (ed.), Handbook of Mathematical Economics, edition 1, volume 4, chapter 30, pages 1523-1614 Elsevier.
  3. Hens,Thorsten, 1991. "Structure of general equilibrium models with incomplete markets and a single consumption good," Discussion Paper Serie A 353, University of Bonn, Germany.
  4. Dierker, Egbert, 1972. "Two Remarks on the Number of Equilibria of an Economy," Econometrica, Econometric Society, vol. 40(5), pages 951-53, September.
  5. Demarzo, Peter M. & Eaves, B. Curtis, 1996. "Computing equilibria of GEI by relocalization on a Grassmann manifold," Journal of Mathematical Economics, Elsevier, vol. 26(4), pages 479-497.
  6. Brown, Donald J & DeMarzo, Peter M & Eaves, B Curtis, 1996. "Computing Equilibria When Asset Markets Are Incomplete," Econometrica, Econometric Society, vol. 64(1), pages 1-27, January.
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Citations

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Cited by:
  1. Covarrubias, Enrique, 2013. "The number of equilibria of smooth infinite economies," Journal of Mathematical Economics, Elsevier, vol. 49(4), pages 263-265.
  2. Momi, Takeshi, 2012. "Failure of the index theorem in an incomplete market economy," Journal of Mathematical Economics, Elsevier, vol. 48(6), pages 437-444.
  3. Predtetchinski, Arkadi, 2006. "A new proof of the index formula for incomplete markets," Journal of Mathematical Economics, Elsevier, vol. 42(4-5), pages 626-635, August.
  4. repec:hal:journl:halshs-00287677 is not listed on IDEAS
  5. Bich, Philippe, 2006. "On the orientability of the asset equilibrium manifold," Economics Papers from University Paris Dauphine 123456789/6111, Paris Dauphine University.

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