General consumption constraints and regular economies
AbstractIn the spirit of Smale's work, we consider pure exchange economies with general consumption sets. In this paper, the consumption set of each household is described in terms of a function called possibility function. The main innovation comes from the dependency of each possibility function with respect to the individual endowments. We prove that, generically in the space of endowments and possibility functions, economies are regular. A regular economy has a finite number of equilibria, which locally depend on endowments and possibility functions in a continuous manner.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Mathematical Economics.
Volume (Year): 44 (2008)
Issue (Month): 12 (December)
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Web page: http://www.elsevier.com/locate/jmateco
General economic equilibrium Consumption constraints Regular economy;
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