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The geometry of finite equilibrium datasets

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  • Balasko, Yves
  • Tvede, Mich

Abstract

We investigate the geometry of finite datasets defined by equilibrium prices, income distributions, and total resources. We show that the equilibrium condition imposes no restrictions if total resources are collinear, a property that is robust to small perturbations. We also show that the set of equilibrium datasets is pathconnected when the equilibrium condition does impose restrictions on datasets, as for example when total resources are widely noncollinear.

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Bibliographic Info

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

Volume (Year): 45 (2009)
Issue (Month): 5-6 (May)
Pages: 391-396

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Handle: RePEc:eee:mateco:v:45:y:2009:i:5-6:p:391-396

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

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Keywords: Equilibrium manifold Rationalizability Pathconnectedness;

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References

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  1. Yves Balasko & Mich Tvede, 2009. "Individual Preference Rankings Compatible with Prices, Income Distributions and Total Resources," Discussion Papers, University of Copenhagen. Department of Economics 09-09, University of Copenhagen. Department of Economics.
  2. Snyder, Susan K., 2004. "Observable implications of equilibrium behavior on finite data," Journal of Mathematical Economics, Elsevier, Elsevier, vol. 40(1-2), pages 165-176, February.
  3. Donald J. Brown & Rosa L. Matzkin, 1995. "Testable Restrictions on the Equilibrium Manifold," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 1109, Cowles Foundation for Research in Economics, Yale University.
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Cited by:
  1. Felix KUBLER & Karl SCHMEDDERS, . "Non-parametric counterfactual analysis in dynamic general equilibrium," Swiss Finance Institute Research Paper Series, Swiss Finance Institute 09-05, Swiss Finance Institute.
  2. Yves Balasko & Mich Tvede, 2010. "Individual preference rankings compatible with prices, income distributions and total resources," Economic Theory, Springer, Springer, vol. 45(3), pages 497-513, December.

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