The Geometry of Finite Equilibrium Datasets
AbstractWe 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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Bibliographic InfoPaper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number 09-07.
Length: 9 pages
Date of creation: Mar 2009
Date of revision:
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equilibrium manifold; rationalizability; pathconnectedness;
Other versions of this item:
- D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
- D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-05-02 (All new papers)
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- Felix Kubler & Karl Schmedders, 2007.
"Non-parametric counterfactual analysis in dynamic general equilibrium,"
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07-027, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
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"Individual Preference Rankings Compatible with Prices, Income Distributions and Total Resources,"
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- Yves Balasko & Mich Tvede, 2010. "Individual preference rankings compatible with prices, income distributions and total resources," Economic Theory, Springer, vol. 45(3), pages 497-513, December.
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