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Global identification from the equilibrium manifold under incomplete markets

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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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Postal: Egham Hill, Egham, Surrey, TW20 0EX, UK.
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  1. Kubler, F. & Chiappori, P. -A. & Ekeland, I. & Polemarchakis, H. M., 2002. "The Identification of Preferences from Equilibrium Prices under Uncertainty," Journal of Economic Theory, Elsevier, vol. 102(2), pages 403-420, February.
  2. Geanakoplos,J.D. & Polemarchakis,H.M., 1988. "Observability and optimality," Discussion Paper Serie A 216, University of Bonn, Germany.
  3. 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.
  4. Geanakoplos, J. D. & Polemarchakis, H. M., 1990. "Observability and optimality," Journal of Mathematical Economics, Elsevier, vol. 19(1-2), pages 153-165.
  5. Donsimoni, M. -P. & Polemarchakis, H. M., 1994. "Redistribution and welfare," Journal of Mathematical Economics, Elsevier, vol. 23(3), pages 235-242, May.
  6. CHIAPPORI, Pierre-André & EKELAND, Ivar & KUBLER, Félix & 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).
  7. 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.
  8. repec:fth:louvco:2000/24 is not listed on IDEAS
  9. repec:fth:louvco:0025 is not listed on IDEAS
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