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A note on the "size" of determinacy and indeterminacy

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  • Julio DÂvila

    (Departamento de EconomÎa e Historia EconÕmica, Universidad AutÕnoma de Barcelona, E-08193 Bellaterra , SPAIN)

Abstract

It is shown in this note that in an incomplete markets economy with uncountably many states of the world there may be uncountably many isolated equilibria as well as uncountably many non-isolated equilibria. Moreover, both subsets can be simultaneously of second category. Therefore, none of the subsets can be considered negligible with respect to the other, neither from a cardinality point of view nor from a topological one. Unfortunately, this fact prevents from claiming that these economies may have "typically" determinate equilibria - even though uncountably many of them - as would have been desirable for comparative statics exercises.

Suggested Citation

  • Julio DÂvila, 1998. "A note on the "size" of determinacy and indeterminacy," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 12(1), pages 213-223.
    • Handle: RePEc:spr:joecth:v:12:y:1998:i:1:p:213-223
    Note: Received: May 19, 1995; revised version: March 24, 1997
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    Cited by:

    1. Monteiro, Paulo Klinger & Pascoa, Mario R., 2000. "Discreteness of equilibria in incomplete markets with a continuum of states," Journal of Mathematical Economics, Elsevier, vol. 33(2), pages 229-237, March.

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