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Characterizing C2 aggregate excess demand functions

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  • Kam-Chau Wong

    (Department of Economics, Chinese University of Hong Kong, Shatin, HONG KONG)

Abstract

We integrate and sharpen two characterizations of aggregate excess demand functions: we obtain Mas-Colell's (1977) equilibrium invariance, and strengthen Geanakoplos' (1984) weakly concave utility functions to strictly concave ones. Our proofs modify and extend Geanakoplos' utility-construction. We note two applications: a sharper characterization of equilibrium price sets (cf. Mas-Colell (1977)), and a basis for the studies of computable economies (Richter and Wong (1996)).

Suggested Citation

  • Kam-Chau Wong, 1998. "Characterizing C2 aggregate excess demand functions," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 12(1), pages 177-188.
    • Handle: RePEc:spr:joecth:v:12:y:1998:i:1:p:177-188
    Note: Received: July 29, 1996; revised version: February 20, 1997
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    JEL classification:

    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

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