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General consumption constraints and regular economies

Author

Listed:
  • Jean-Marc Bonnisseau

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, Axe Economie mathématique et jeux - CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement)

  • Elena L. del Mercato

    (Axe Economie mathématique et jeux - CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

In the spirit of Smale's work, we consider pure exchange economies with general consumption sets. In this paper, the consumption set of each household is described in terms of a function called possibility function. The main innovation comes from the dependency of each possibility function with respect to the individual endowments. We prove that, generically in the space of endowments and possibility functions, economies are regular. A regular economy has a finite number of equilibria, which locally depend on endowments and possibility functions in a continuous manner.

Suggested Citation

  • Jean-Marc Bonnisseau & Elena L. del Mercato, 2008. "General consumption constraints and regular economies," Post-Print halshs-00309539, HAL.
    • Handle: RePEc:hal:journl:halshs-00309539
    DOI: 10.1016/j.jmateco.2008.07.007
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    Cited by:

    1. Christian Pietro & Maria Gabriella Graziano & Vincenzo Platino, 2022. "Social loss with respect to the core of an economy with externalities," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 73(2), pages 487-508, April.
    2. Elena L. Mercato & Vincenzo Platino, 2017. "Private ownership economies with externalities and existence of competitive equilibria: a differentiable approach," Journal of Economics, Springer, vol. 121(1), pages 75-98, May.
    3. Vincenzo Platino, 2021. "Externalities in private ownership production economies with possibility functions. An existence result," Metroeconomica, Wiley Blackwell, vol. 72(3), pages 509-525, July.
    4. Michael Zierhut, 2021. "Generic regularity of differentiated product oligopolies," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 71(1), pages 341-374, February.

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