On the Computation of the Hausdorff Dimension of the Walrasian Economy: Addendum

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On the Computation of the Hausdorff Dimension of the Walrasian Economy: Addendum

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Dominique, C-Rene

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C-Rene Dominique

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. A subsequent paper (no 16723) modified that assumption, dealt with the self-similarity of the Walrasian economy, and computed the Hausdorff dimensions of the attractor as if it were a space-filling curve. This paper is an extension of the first two. It shows that the path of the equilibrium price vector within the attractor is rather as close as one can get to a Brownian motion that tends to fill up the whole hyperspace available to it. The end analysis is that the economy obeys a homogeneous power law in the form of f-. Power Spectra and Hausdorff dimensions are then computed for both the attractor and economic time series.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 18292.

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Date of creation: 01 Nov 2009
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Handle: RePEc:pra:mprapa:18292

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Find related papers by JEL classification:
C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
C0 - Mathematical and Quantitative Methods - - General
C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics

This paper has been announced in the following NEP Reports:

NEP-ALL-2009-11-07 (All new papers)

References listed on IDEAS
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C-René Dominique, 2008. "Walrasian Solutions Without Utility Functions," EERI Research Paper Series EERI_RP_2008_10, Economics and Econometrics Research Institute (EERI). [Downloadable!]
Other versions:
- Dominique, C-Rene, 2008. "Walrasian Solutions Without Utility Functions," MPRA Paper 8906, University Library of Munich, Germany, revised 2008. [Downloadable!]

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This page was last updated on 2009-12-7.

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