A note on the structural stability of the equilibrium manifold

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A note on the structural stability of the equilibrium manifold

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Loi, Andrea
Matta, Stefano

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Stefano Matta

Abstract

In a smooth pure exchange economy with fixed total resources we investigate whether the smooth selection property holds when endowments are redistributed across consumers through a continuous (non local) redistribution policy. We show that if the policy is regular then there exists a unique continuous path of equilibrium prices which support it. If singular economies are involved in the redistribution, then an analogous result can be obtained if the singular policy is the projection of a path transversal to the set of critical equilibria.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 15507.

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Date of creation: 27 May 2009
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Handle: RePEc:pra:mprapa:15507

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Find related papers by JEL classification:
D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

This paper has been announced in the following NEP Reports:

NEP-ALL-2009-06-17 (All new papers)

References listed on IDEAS
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Balasko, Yves, 1992. "The set of regular equilibria," Journal of Economic Theory, Elsevier, vol. 58(1), pages 1-8, October. [Downloadable!] (restricted)
Garratt, Rod & Goenka, Aditya, 1995. "Income redistributions without catastrophes," Journal of Economic Dynamics and Control, Elsevier, vol. 19(1-2), pages 441-455. [Downloadable!] (restricted)
Other versions:
- Garratt, R. & Goenka, A., 1992. "Income Redistribution without Catastrophes," University of California at Santa Barbara, Economics Working Paper Series 9-92, Department of Economics, UC Santa Barbara.
Balasko, Yves, 1978. "Economic Equilibrium and Catastrophe Theory: An Introduction," Econometrica, Econometric Society, vol. 46(3), pages 557-69, May. [Downloadable!] (restricted)
Mas-Colell, Andreu & Nachbar, John H., 1991. "On the finiteness of the number of critical equilibria, with an application to random selections," Journal of Mathematical Economics, Elsevier, vol. 20(4), pages 397-409. [Downloadable!] (restricted)

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This page was last updated on 2009-11-25.

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