Structural stability, Morse's lemma and singular economies
AbstractIn 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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Bibliographic InfoPaper provided by Department of Economics - dECON in its series Documentos de Trabajo (working papers) with number 0607.
Length: 14 pages
Date of creation: Jul 2007
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Structural stability; Morse functions; singular economies;
Find related papers by JEL classification:
- D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-10-20 (All new papers)
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