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Structural stability, Morse's lemma and singular economies

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  • Elvio Accinelli

    ()
    (UASLP, Facultad de Economía San Luis Potosí, México)

Abstract

In this paper we consider economies whose consumption spaces are subsets of a Hilbert space with non-empty interior, and we introduce the Negishi approach to characterize the social equilibria of these economies. Using Morse's lemma, we analyze the main characteristics of two-agents-economies, and classify them. We show that the characteristics of \similar economies", in the sense introduced in [Debreu,G. (1970)], can be very di®erent from the structural stability point of view. Finally, we show that the useful mathematical de¯nition of structural stability is not enough to characterize structural stability in economics.

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File URL: http://decon.edu.uy/publica/2007/0607.pdf
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Bibliographic Info

Paper provided by Department of Economics - dECON in its series Documentos de Trabajo (working papers) with number 0607.

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Length: 14 pages
Date of creation: Jul 2007
Date of revision:
Handle: RePEc:ude:wpaper:0607

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Keywords: Structural stability; Morse functions; singular economies;

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References

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  1. Elvio Accinelli & Alfredo Piria & Martín Puchet, 2001. "Tastes and Singular Economies," Documentos de Trabajo (working papers), Department of Economics - dECON 1301, Department of Economics - dECON.
  2. Elvio Accinelli, 1999. "Existence and uniqueness of the Competitive Equilibrium for Infinite Dimensional Economies," Documentos de Trabajo (working papers), Department of Economics - dECON 0399, Department of Economics - dECON.
  3. repec:fth:coluec:9596-17 is not listed on IDEAS
  4. Chichilnisky, Graciela & Zhou, Yuqing, 1998. "Smooth infinite economies," Journal of Mathematical Economics, Elsevier, vol. 29(1), pages 27-42, January.
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Cited by:
  1. Elvio Accinelli Gamba & Leobardo Plata Pérez, 2008. "Crisis sociales y singularidades. Los fundamentos microeconómicos de las crisis sociales," Ensayos Revista de Economia, Universidad Autonoma de Nuevo Leon, Facultad de Economia, vol. 0(2), pages 49-88, November.

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