The equilibrium manifold keeps the memory of individual demand functions
It is shown that the property that the equilibrium manifold keeps the memory of the individual demand functions holds true if every individual demand function satisfies the following three properties: 1) It is a function of commodity prices and of consumer’s income; 2) Consumption belongs to the nonnegative orthant of the commodity space; 3) Walras law. Neither differentiability nor continuity are necessary. In addition, the demand functions do not have to be utility maximizing subject to budget constraints. Copyright Springer-Verlag Berlin/Heidelberg 2004
Volume (Year): 24 (2004)
Issue (Month): 3 (October)
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