Global identification from the equilibrium manifold under incomplete markets

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Global identification from the equilibrium manifold under incomplete markets

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Andrés Carvajal () (Yale University and Royal Holloway, University of London)
Alvaro Riascos () (Banco de la República)

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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, and avoid observational requirements at the individual level. 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 Department of Economics, Royal Holloway University of London in its series Royal Holloway, University of London: Discussion Papers in Economics with number 04/30.

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Length: 26 pages
Date of creation: Nov 2004
Date of revision: Nov 2004
Handle: RePEc:hol:holodi:0430

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Paper
- Andres Carvajal & Alvaro Riascos, 2004. "Global Identification from the equilibrium Manifold under Incomplete markets," Econometric Society 2004 Latin American Meetings 225, Econometric Society. [Downloadable!]
- Andres Carvajal & Alvaro Riascos, 2004. "Global identification from the equilibrium manifold under incomplete markets," Econometric Society 2004 North American Summer Meetings 196, Econometric Society. [Downloadable!]

This paper has been announced in the following NEP Reports:

NEP-ALL-2004-12-12 (All new papers)

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Arthur Lewbel, 2000. "A Rational Rank Four Demand System," Boston College Working Papers in Economics 463, Boston College Department of Economics, revised 04 Apr 2003. [Downloadable!]
Other versions:
- Arthur Lewbel, 2003. "A rational rank four demand system," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 18(2), pages 127-135. [Downloadable!]
CHIAPPORI, Pierre-AndrŽ & EKELAND, Ivar & KUBLER, FŽlix & POLEMARCHAKIS, Heracles, 2000. "The identification of preferences from equilibrium prices," CORE Discussion Papers 2000024, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE). [Downloadable!]
Donsimoni, M. -P. & Polemarchakis, H. M., 1994. "Redistribution and welfare," Journal of Mathematical Economics, Elsevier, vol. 23(3), pages 235-242, May. [Downloadable!] (restricted)
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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. [Downloadable!] (restricted)
Other versions:
- P.A. Chiappori & I. Ekeland & F. Kubler & H.M. Polemarchakis, 2002. "Testable Implications of General Equilibrium Theory: a differentiable approach," Working Papers 2002-10, Brown University, Department of Economics. [Downloadable!]
CHIAPPORI, Pierre-AndrŽ & EKELAND, Ivar & KUBLER, FŽlix & POLEMARCHAKIS, Heracles, 2000. "The identification of preferences from equilibrium prices under uncertainty," CORE Discussion Papers 2000025, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE). [Downloadable!]
Other versions:
- POLEMARCHAKIS, Heracles M. & CHIAPPORI, P. A. & KUBLER, F. & EKELAND, I., 2000. "The identification of preferences from equilibrium prices under uncertainty," Les Cahiers de Recherche 689, HEC Paris.
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Geanakoplos, J. D. & Polemarchakis, H. M., 1990. "Observability and optimality," Journal of Mathematical Economics, Elsevier, vol. 19(1-2), pages 153-165. [Downloadable!] (restricted)
Geanakoplos,J.D. & Polemarchakis,H.M., 1988. "Observability and optimality," Discussion Paper Serie A 216, University of Bonn, Germany.

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