Determinacy of equilibria of smooth infinite economies
AbstractThis paper deals with generic determinacy of equilibria for infinite dimensional consumption spaces. Our work could be seen as an infinite-dimensional analogue of Dierker and Dierker (1972), by characterising equilibria of an economy as a zero of the aggregate excess demand, and studying its transversality. In this case, we can use extensions of the transversality density theorem. Assuming separable utilities, we give a new proof of generic determinacy of equilibria. We define regular price systems in this setting and show that an economy is regular if and only if its associated excess demand function only has regular equilibrium prices. We also define the infinite equilibrium manifold and show that it has the structure of a Banach manifold.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 9437.
Date of creation: 2008
Date of revision:
Determinacy; equilibria; infinite economies; Fredholm maps; equilibrium manifold; Banach manifolds;
Other versions of this item:
- 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-2008-07-20 (All new papers)
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