Local Disaggregation of Negative Demand and Excess Demand Functions
The literature on the characterization of aggregate excess and market demand has generated three types of results: global, local, or ’at a point’. In this note, we study the relationship between the last two approaches. We prove that within the class of functions satisfying standard conditions and whose Jacobian matrix is negative semi-definite, only n/2 + 1 agents are needed for the ’at’ decomposition. We ask whether, within the same class, the ’around’ decomposition also requires only n/2 + 1 agents.
|Date of creation:||May 2005|
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- Martin Browning & P.A. Chiappori, 1996. "Efficient Intra-Household Allocations - A General Characterization and Empirical Tests," Discussion Papers 96-10, University of Copenhagen. Department of Economics.
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- John Geanakoplos & Heracles M. Polemarchakis, 1982.
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642, Cowles Foundation for Research in Economics, Yale University.
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