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On the number of critical equilibria separating two equilibria

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  • Balasko, Yves

    ()
    (Department of Economics, University of York)

Abstract

It is shown that two arbitrary equilibria in the general equilibrium model without sign restrictions on endowments can be joined by a continuous equilibrium path that contains at most two critical equilibria. This property is strengthened by showing that regular equilibria having an index equal to one, a necessary condition for stability, can be joined by a path containing no critical equilibrium. These properties follow from the real-algebraic nature of the set of critical equilibria in any fiber of the equilibrium manifold.

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Bibliographic Info

Article provided by Econometric Society in its journal Theoretical Economics.

Volume (Year): 7 (2012)
Issue (Month): 1 (January)
Pages:

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Handle: RePEc:the:publsh:822

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Web page: http://econtheory.org

Related research

Keywords: Equilibrium prices; equilibrium manifold; equilibrium path; critical equilibrium; catastrophe;

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Cited by:
  1. Balasko, Yves, 2014. "The transfer problem: A complete characterization," Theoretical Economics, Econometric Society, vol. 9(2), May.

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