The aim of this paper is to characterize the set of singular economies, when there are a finite set of consumers with infinitely many goods in the sense that goods differ in the time which they are consumed or in the state of the world in which they become available. There exist l available goods in each time or in each state of the world. Employing well know results of the “ Singularity Theory” on differentiable maps, we characterize the structure of the equilibrium set from the so called singular economies. In the last section we introduce a continuous time economy and -although in a limited waywe study the dynamics along the equilibrium path. We show that if there exist singularities then the equilibrium set isn’t a finite set, moreover it may be a continuous set of equilibria. It is important to notice that we will not describe our models in terms of the tˆatonnement. The process of endowments move the price system, we don’t need the demand law to characterize the equilibrium manifold.
Download Info
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page. Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
For technical questions regarding this item, or to correct its listing, contact: (Carmen Estrades) or (Héctor Pastori).
Related research
Keywords:
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.: