Testable Restrictions on the Equilibrium Manifold
We present a finite system of polynomial inequalities in unobservable variables and market data that observations on market prices, individual incomes and aggregate endowments must satisfy to be consistent with the equilibrium behavior of some pure trade economy. Quantifier elimination is used to derive testable propositions on finite data sets for the pure trade model.
|Date of creation:||Aug 1995|
|Publication status:||Published in Econometrica (1996), 64(5): 1249-1262|
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Cowles Foundation Discussion Papers
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