Competitive equilibria with consumption possibility depending on endowments : a global analysis
AbstractIn 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 InfoPaper provided by Université Panthéon-Sorbonne (Paris 1) in its series Cahiers de la Maison des Sciences Economiques with number b05085.
Length: 33 pages
Date of creation: Dec 2005
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General economic equilibrium; consumption sets; regular economies.;
Other versions of this item:
- Jean-Marc Bonnisseau & Elena L. Del Mercato, 2005. "Competitive equilibria with consumption possibility depending on endowments : a global analysis," UniversitÃ© Paris1 PanthÃ©on-Sorbonne (Post-Print and Working Papers) halshs-00197474, HAL.
- C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
- D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
- D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
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- 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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