Characterizing C2 aggregate excess demand functions
We integrate and sharpen two characterizations of aggregate excess demand functions: we obtain Mas-Colell's (1977) equilibrium invariance, and strengthen Geanakoplos' (1984) weakly concave utility functions to strictly concave ones. Our proofs modify and extend Geanakoplos' utility-construction. We note two applications: a sharper characterization of equilibrium price sets (cf. Mas-Colell (1977)), and a basis for the studies of computable economies (Richter and Wong (1996)).
Volume (Year): 12 (1998)
Issue (Month): 1 ()
|Note:||Received: July 29, 1996; revised version: February 20, 1997|
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