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Testable Restrictions on the Equilibrium Manifold

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  • Brown, Donald J
  • Matzkin, Rosa L

Abstract

The authors present a finite system of polynomial inequalities in unobservable variables and market data that observations on market prices, individual incomes and, aggregate endowments must satisfy to be consistent with the equilibrium behavior of some pure trade economy. Quantifier elimination is used to derive testable restrictions on finite data sets for the pure trade model. A characterization of observations on aggregate endowments and market prices that are consistent with a Robinson Crusoe's economy is also provided. Copyright 1996 by The Econometric Society.

Suggested Citation

  • Brown, Donald J & Matzkin, Rosa L, 1996. "Testable Restrictions on the Equilibrium Manifold," Econometrica, Econometric Society, vol. 64(6), pages 1249-1262, November.
    • Handle: RePEc:ecm:emetrp:v:64:y:1996:i:6:p:1249-62
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    JEL classification:

    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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