Regular Infinite Economies
AbstractThe main contribution of this paper is to place smooth infinite economies in the setting of the equilibrium manifold and the natural projection map à la Balasko. We show that smooth infinite economies have an equilibrium set that has the structure of a Banach manifold and that the natural projection map is smooth. We define regular and critical economies, and regular and critical prices, and we show that the set of regular economies coincides with the set of economies whose excess demand function has only regular prices. Generic determinacy of equilibria follows as a by-product.
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Bibliographic InfoPaper provided by Banco de México in its series Working Papers with number 2010-03.
Date of creation: Mar 2010
Date of revision:
General equilibrium; Infinite economies; Intertemporal choice; Uncertainty.;
Other versions of this item:
- Enrique Covarrubias, 2007. "Regular Infinite Economies," Levine's Working Paper Archive 843644000000000034, David K. Levine.
- Covarrubias, Enrique, 2008. "Determinacy of equilibria of smooth infinite economies," MPRA Paper 9437, University Library of Munich, Germany.
- D5 - Microeconomics - - General Equilibrium and Disequilibrium
- D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
- D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
- D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
- D90 - Microeconomics - - Intertemporal Choice and Growth - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-03-28 (All new papers)
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