ABSTRACT: In a recent paper, Dominique (2009) argues that for a Walrasian economy with m consumers and n goods, the equilibrium set of prices becomes a fractal attractor due to continuous destructions and creations of excess demands. The paper also posits that the Hausdorff dimension of the attractor is d = ln (n) / ln (n-1) if there are n copies of sizes (1/(n-1)), but that assumption does not hold. This note revisits the problem, demonstrates that the Walrasian economy is indeed self-similar and recomputes the Hausdorff dimensions of both the attractor and that of a time series of a given market.
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number
16723.
Find related papers by JEL classification: C6 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming A1 - General Economics and Teaching - - General Economics C2 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables
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