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Direct perturbations of aggregate excess demand

Author

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

Abstract

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.

Suggested Citation

  • Castro, Sofia B.S.D. & Dakhlia, Sami & Gothen, Peter B., 2010. "Direct perturbations of aggregate excess demand," Journal of Mathematical Economics, Elsevier, vol. 46(4), pages 562-571, July.
  • Handle: RePEc:eee:mateco:v:46:y:2010:i:4:p:562-571
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    References listed on IDEAS

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    1. Mas-Colell,Andreu, 1990. "The Theory of General Economic Equilibrium," Cambridge Books, Cambridge University Press, number 9780521388702, May.
    2. Debreu, Gerard, 1970. "Economies with a Finite Set of Equilibria," Econometrica, Econometric Society, vol. 38(3), pages 387-392, May.
    3. Kannai, Yakar, 1970. "Continuity Properties of the Core of a Market," Econometrica, Econometric Society, vol. 38(6), pages 791-815, November.
    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. 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.
    6. Hildenbrand, W & Mertens, J F, 1972. "Upper Hemi-Continuity of the Equilibrium-Set Correspondence for Pure Exchange Economies," Econometrica, Econometric Society, vol. 40(1), pages 99-108, January.
    7. Kannai, Yakar, 1974. "Approximation of convex preferences," Journal of Mathematical Economics, Elsevier, vol. 1(2), pages 101-106, August.
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    More about this item

    Keywords

    Arrow-Debreu Aggregate excess demand Genericity Determinacy Transversality General equilibrium Sonnenschein-Mantel-Debreu;

    JEL classification:

    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics

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