Local Disaggregation of Negative Demand and Excess Demand Functions
AbstractThe literature on the characterization of aggregate excess and market demand has generated three types of results: global, local, or ’at a point’. In this note, we study the relationship between the last two approaches. We prove that within the class of functions satisfying standard conditions and whose Jacobian matrix is negative semi-definite, only n/2 + 1 agents are needed for the ’at’ decomposition. We ask whether, within the same class, the ’around’ decomposition also requires only n/2 + 1 agents.
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Bibliographic InfoPaper provided by University of Copenhagen. Department of Economics. Centre for Applied Microeconometrics in its series CAM Working Papers with number 2005-09.
Length: 7 pages
Date of creation: May 2005
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aggregation; market demand functions;
Other versions of this item:
- Chiappori, Pierre-Andre & Ekeland, Ivar & Browning, Martin, 2007. "Local disaggregation of negative demand and excess demand functions," Journal of Mathematical Economics, Elsevier, vol. 43(6), pages 764-770, August.
- D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-07-03 (All new papers)
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