Limited Arbitrage and Uniqueness of Equilibrium in Stricly Regular Economies
AbstractIn strickly regular economies limited arbitrage is sufficient for the global invertibility of demand, and necessary and sufficient for the uniqueness of equilibrium. This result is established using algevraic topology and holds in economies with short sales, and with finitely or infinitely many markets.
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Bibliographic InfoPaper provided by Columbia - Graduate School of Business in its series Papers with number 96-17.
Length: 8 pages
Date of creation: 1996
Date of revision:
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Postal: U.S.A.; COLUMBIA UNIVERSITY, GRADUATE SCHOOL OF BUSINESS, PAINE WEBBER , New York, NY 10027 U.S.A
Phone: (212) 854-5553
Web page: http://www.columbia.edu/cu/business/
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ECONOMIC EQUILIBRIUM ; ARBITRATION;
Other versions of this item:
- Chichilnisky, G, 1996. "Limited Arbitrage and Uniqueness of Equilibrium in Strictly Regular Economies," Discussion Papers, Columbia University, Department of Economics 1996_26, Columbia University, Department of Economics.
- J52 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - Dispute Resolution: Strikes, Arbitration, and Mediation
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- Chichilnisky, G., 1996.
"A Topological Invariant for Competitive Markets,"
Discussion Papers, Columbia University, Department of Economics
1996_16, Columbia University, Department of Economics.
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