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The Geometry of Finite Equilibrium Datasets

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  • Yves Balasko

    (Department of Economics and Related Studies, University of York)

  • Mich Tvede

    (Department of Economics, University of Copenhagen)

Abstract

We investigate the geometry of finite datasets defined by equilibrium prices, income distributions, and total resources. We show that the equilibrium condition imposes no restrictions if total resources are collinear, a property that is robust to small perturbations. We also show that the set of equilibrium datasets is pathconnected when the equilibrium condition does impose restrictions on datasets, as for example when total resources are widely non collinear.

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File URL: http://www.econ.ku.dk/english/research/publications/wp/dp_2009/0907.pdf/
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Bibliographic Info

Paper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number 09-07.

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Length: 9 pages
Date of creation: Mar 2009
Date of revision:
Handle: RePEc:kud:kuiedp:0907

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Keywords: equilibrium manifold; rationalizability; pathconnectedness;

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References

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  1. Brown, Donald J & Matzkin, Rosa L, 1996. "Testable Restrictions on the Equilibrium Manifold," Econometrica, Econometric Society, Econometric Society, vol. 64(6), pages 1249-62, November.
  2. Yves Balasko & Mich Tvede, 2009. "Individual Preference Rankings Compatible with Prices, Income Distributions and Total Resources," Discussion Papers 09-09, University of Copenhagen. Department of Economics.
  3. Snyder, Susan K., 2004. "Observable implications of equilibrium behavior on finite data," Journal of Mathematical Economics, Elsevier, vol. 40(1-2), pages 165-176, February.
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Cited by:
  1. Felix Kubler & Karl Schmedders, 2007. "Non-parametric counterfactual analysis in dynamic general equilibrium," PIER Working Paper Archive 07-027, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
  2. Yves Balasko & Mich Tvede, 2010. "Individual preference rankings compatible with prices, income distributions and total resources," Economic Theory, Springer, Springer, vol. 45(3), pages 497-513, December.

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