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The equilibrium manifold keeps the memory of individual demand functions

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Author Info

  • Yves Balasko

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Abstract

It is shown that the property that the equilibrium manifold keeps the memory of the individual demand functions holds true if every individual demand function satisfies the following three properties: 1) It is a function of commodity prices and of consumer’s income; 2) Consumption belongs to the nonnegative orthant of the commodity space; 3) Walras law. Neither differentiability nor continuity are necessary. In addition, the demand functions do not have to be utility maximizing subject to budget constraints. Copyright Springer-Verlag Berlin/Heidelberg 2004

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File URL: http://hdl.handle.net/10.1007/s00199-004-0473-9
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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 24 (2004)
Issue (Month): 3 (October)
Pages: 493-501

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Handle: RePEc:spr:joecth:v:24:y:2004:i:3:p:493-501

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Related research

Keywords: Equilibrium manifold; Demand functions.;

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Cited by:
  1. Loi, Andrea & Matta, Stefano, 2008. "Geodesics on the equilibrium manifold," Journal of Mathematical Economics, Elsevier, vol. 44(12), pages 1379-1384, December.
  2. Yves Balasko & Mich Tvede, 2009. "Individual Preference Rankings Compatible with Prices, Income Distributions and Total Resources," Discussion Papers 09-09, University of Copenhagen. Department of Economics.
  3. Andrés Carvajal, 2010. "The testable implications of competitive equilibrium in economies with externalities," Economic Theory, Springer, vol. 45(1), pages 349-378, October.

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