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Competitive equilibria with consumption possibility depending on endowments : a global analysis

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Author Info
Jean-Marc Bonnisseau () (CERMSEM - CEntre de Recherche en Mathématiques, Statistique et Économie Mathématique - CNRS : UMR8095 - Université Panthéon-Sorbonne - Paris I)
Elena L. Del Mercato () (CSEF - Centre of Studies in Economics and Finance - Università degli studi di Salerno)

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Abstract

In the spirit of Smale's work, we consider a pure exchange economy with general consumption sets. We consider the case in which the consumption set of each household is described in terms of an inequality on a function called possibility function. The possibility function represents the restricted consumption possibility on commodity markets. The main innovation comes from the dependency of the possibility function with respect to the individual initial endowment. We prove that, generically, equilibria are finite and they locally depend on the initial endowments in a smooth manner.

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Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00197474_v1.

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Date of creation: Dec 2005
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Handle: RePEc:hal:cesptp:halshs-00197474_v1

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Related research
Keywords: General economic equilibrium; consumption sets; regular economies.;

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  1. Polemarchakis, H. M. & Siconolfi, P., 1997. "Generic existence of competitive equilibria with restricted participation," Journal of Mathematical Economics, Elsevier, vol. 28(3), pages 289-311, October. [Downloadable!] (restricted)
  2. Debreu, Gerard, 1970. "Economies with a Finite Set of Equilibria," Econometrica, Econometric Society, vol. 38(3), pages 387-92, May. [Downloadable!] (restricted)
  3. Cass, David & Siconolfi, Paolo & Villanacci, Antonio, 2001. "Generic regularity of competitive equilibria with restricted participation," Journal of Mathematical Economics, Elsevier, vol. 36(1), pages 61-76, September. [Downloadable!] (restricted)
  4. Jean-Marc Bonnisseau & Jorge Rivera Cayupi, 2003. "The equilibrium manifold with boundary constraints on the consumption sets," Estudios de Economia, University of Chile, Department of Economics, vol. 30(2 Year 20), pages 225-240, December. [Downloadable!]
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