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A geometric approach to the transfer problem for a finite number of traders

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  • Tomohiro Uchiyama

Abstract

We present a complete characterization of the classical transfer problem for an exchange economy with an arbitrary finite number of traders. Our method is geometric, using an equilibrium manifold developed by Debreu, Mas-Colell, and Balasko. We show that for a regular equilibrium the transfer problem arises if and only if the index at the equilibrium is $-1$. This implies that the transfer problem does not happen if the equilibrium is Walras tatonnement stable. Our result generalizes Balasko's analogous result for an exchange economy with two traders.

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  • Tomohiro Uchiyama, 2017. "A geometric approach to the transfer problem for a finite number of traders," Papers 1701.04491, arXiv.org.
    • Handle: RePEc:arx:papers:1701.04491
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    1. Mas-Colell,Andreu, 1990. "The Theory of General Economic Equilibrium," Cambridge Books, Cambridge University Press, number 9780521388702.
    2. Debreu, Gerard, 1970. "Economies with a Finite Set of Equilibria," Econometrica, Econometric Society, vol. 38(3), pages 387-392, May.
    3. Yves Balasko, 2009. "The Equilibrium Manifold: Postmodern Developments in the Theory of General Economic Equilibrium," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262026546, December.
    4. ,, 2014. "The transfer problem: A complete characterization," Theoretical Economics, Econometric Society, vol. 9(2), May.
    5. Yves Balasko, 2011. "General Equilibrium Theory of Value," Economics Books, Princeton University Press, edition 1, number 9482.
    6. Balasko, Yves, 1978. "The Transfer Problem and the Theory of Regular Economies," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 19(3), pages 687-694, October.
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