Pierre-André Chiappori (University of Chicago) Ivar Ekeland (Université Paris-Dauphine) Martin Browning (Institute of Economics, University of Copenhagen)
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The 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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Paper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number
99-09.
Length: 10 pages Date of creation: Jan 1999 Date of revision: Handle: RePEc:kud:kuiedp:9909
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