Jean-Marc Bonnisseau () (Centre d'Economie de la Sorbonne) Elena L. del Mercato () (Dipartimento di Scienze Economiche e Statistiche (DISES) et Centre for Studies in Economics and Finance (CSEF)- Università degli Studi di Salerno)
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In the spirit of Smale's work, we consider pure exchange economies with general consumption sets. In this paper, the consumption set of each household is described in terms of a function called possibility function. The main innovation comes from the dependency of each possibility function with respect to the individual endowment. We prove that, generically in the space of endowments and possibility functions, economies are regular. A regular economy has only a finite number of equilibria which locally depend on endowments and possibility functions in a continuous manner.
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Find related papers by JEL classification: C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
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