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Direct perturbations of aggregate excess demand

  • Castro, Sofia B.S.D.
  • Dakhlia, Sami
  • Gothen, Peter B.

We complement the Sonnenschein-Mantel-Debreu results by establishing that an exchange economy, i.e., preferences and endowments, that generates a given aggregate excess demand (AED) function is close to the economy that generates a perturbation of this AED. As a consequence, genericity and determinacy results obtained by direct perturbation of an AED are as strong as results obtained by perturbing preferences and endowments.

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Article provided by Elsevier in its journal Journal of Mathematical Economics.

Volume (Year): 46 (2010)
Issue (Month): 4 (July)
Pages: 562-571

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Handle: RePEc:eee:mateco:v:46:y:2010:i:4:p:562-571
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  1. Kannai, Yakar, 1974. "Approximation of convex preferences," Journal of Mathematical Economics, Elsevier, vol. 1(2), pages 101-106, August.
  2. Mas-Colell,Andreu, 1990. "The Theory of General Economic Equilibrium," Cambridge Books, Cambridge University Press, number 9780521388702, October.
  3. HILDENBRAND, Werner & MERTENS, Jean-François, . "Upper hemi-continuity of the equilibrium set correspondence for pure exchange economies," CORE Discussion Papers RP 109, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  4. Mas-Colell, Andreu & Nachbar, John H., 1991. "On the finiteness of the number of critical equilibria, with an application to random selections," Journal of Mathematical Economics, Elsevier, vol. 20(4), pages 397-409.
  5. DEBREU, Gérard, . "Economies with a finite set of equilibria," CORE Discussion Papers RP 67, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  6. Lehmann-Waffenschmidt, Marco, 1995. "On the equilibrium price set of a continuous perturbation of exchange economies," Journal of Mathematical Economics, Elsevier, vol. 24(5), pages 497-519.
  7. Kannai, Yakar, 1970. "Continuity Properties of the Core of a Market," Econometrica, Econometric Society, vol. 38(6), pages 791-815, November.
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