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Global identification from the equilibrium manifold under incomplete markets

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  • Andres Carvajal
  • Alvaro Riascos

Abstract

We show that even under incomplete markets, the equilibrium manifold identifies individual demands everywhere in their domains. For this, we assume conditions of smoothness, interiority and regularity, but avoid implausible observational requirements. It is crucial that there be date-zero consumption. As a by-product, we develop some duality theory under incomplete markets

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Paper provided by Econometric Society in its series Econometric Society 2004 North American Summer Meetings with number 196.

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Date of creation: 11 Aug 2004
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Handle: RePEc:ecm:nasm04:196

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Keywords: Identification; Incomplete Markets; Duality;

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  1. CHIAPPORI, Pierre-André & EKELAND, Ivar & KUBLER, Félix & POLEMARCHAKIS, Heracles, 2000. "The identification of preferences from equilibrium prices under uncertainty," CORE Discussion Papers, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) 2000025, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. CHIAPPORI, Pierre-André & EKELAND, Ivar & KUBLER, Félix & POLEMARCHAKIS, Heracles, 2000. "The identification of preferences from equilibrium prices," CORE Discussion Papers, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) 2000024, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. repec:fth:louvco:2000/24 is not listed on IDEAS
  4. Donsimoni, M. -P. & Polemarchakis, H. M., 1994. "Redistribution and welfare," Journal of Mathematical Economics, Elsevier, vol. 23(3), pages 235-242, May.
  5. Geanakoplos,J.D. & Polemarchakis,H.M., 1988. "Observability and optimality," Discussion Paper Serie A 216, University of Bonn, Germany.
  6. Chiappori, P. -A. & Ekeland, I. & Kubler, F. & Polemarchakis, H. M., 2004. "Testable implications of general equilibrium theory: a differentiable approach," Journal of Mathematical Economics, Elsevier, vol. 40(1-2), pages 105-119, February.
  7. Geanakoplos, J. D. & Polemarchakis, H. M., 1990. "Observability and optimality," Journal of Mathematical Economics, Elsevier, vol. 19(1-2), pages 153-165.
  8. repec:fth:louvco:0025 is not listed on IDEAS
  9. Kubler, Félix & Chiappori, Pierre-André & Ekeland, Ivar & Polemarchakis, Herades, 2002. "The Identification of Preferences from Equilibrium Prices under Uncertainty," Economics Papers from University Paris Dauphine 123456789/13505, Paris Dauphine University.
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