Local disaggregation of negative demand and excess demand functions
AbstractThe literature on the characterization of aggregate excess and market demand has generated three types of results: global, local, or âat a pointâ. In this note, we study the relationship between the last two approaches. We prove that within the class of functions satisfying standard conditions and whose Jacobian matrix is negative semi-definite, only n/2 + 1 agents are needed for the âatâ decomposition. We ask whether, within the same class, the âaroundâ decomposition also requires only n/2 + 1 agents.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Mathematical Economics.
Volume (Year): 43 (2007)
Issue (Month): 6 (August)
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Web page: http://www.elsevier.com/locate/jmateco
Other versions of this item:
- Pierre-André Chiappori & Ivar Ekeland & Martin Browning, 2005. "Local Disaggregation of Negative Demand and Excess Demand Functions," CAM Working Papers 2005-09, University of Copenhagen. Department of Economics. Centre for Applied Microeconometrics.
- D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
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