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Competitive equilibria with consumption possibility depending on endowments : a global analysis

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  • Jean-Marc Bonnisseau

    ()
    (CERMSEM)

  • Elena L. del Mercato

    ()
    (Dipartimento di Scienze Economiche e Statistiche, Università degli Studi di Salerno)

Abstract

In the spirit of Smale's work, we consider a pure exchange economy with general consumption sets. We consider the case in which the consumption set of each household is described in terms of an inequality on a function called possibility function. The possibility function represents the restricted consumption possibility on commodity markets. The main innovation comes from the dependency of the possibility function with respect to the individual initial endowment. We prove that, generically, equilibria are finite and they locally depend on the initial endowments in a smooth manner.

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Bibliographic Info

Paper provided by Université Panthéon-Sorbonne (Paris 1) in its series Cahiers de la Maison des Sciences Economiques with number b05085.

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Length: 33 pages
Date of creation: Dec 2005
Date of revision:
Handle: RePEc:mse:wpsorb:b05085

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Keywords: General economic equilibrium; consumption sets; regular economies.;

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  1. Jean-Marc Bonnisseau & Jorge Rivera Cayupi, 2002. "The equilibrium manifold with Boundary constraints on the Consumption sets," Working Papers wp196, University of Chile, Department of Economics.
  2. Debreu, Gerard, 1970. "Economies with a Finite Set of Equilibria," Econometrica, Econometric Society, vol. 38(3), pages 387-92, May.
  3. Polemarchakis, H. M. & Siconolfi, P., 1997. "Generic existence of competitive equilibria with restricted participation," Journal of Mathematical Economics, Elsevier, vol. 28(3), pages 289-311, October.
  4. Cass, David & Siconolfi, Paolo & Villanacci, Antonio, 2001. "Generic regularity of competitive equilibria with restricted participation," Journal of Mathematical Economics, Elsevier, vol. 36(1), pages 61-76, September.
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