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A hypothesis guaranteeing the weak weak axiom

Author

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  • Luigi Brighi

    ()

  • Reinhard John

Abstract

The Weak Weak Axiom (WWA) for the aggregate excess demand function ensures uniqueness of equilibrium in regular economies. Jerison (1999) shows that the WWA holds if the excess demand satisfies the hypothesis of Nondecreasing Dispersion of Excess Demand (NDED). This note offers a new hypothesis guaranteeing that the WWA holds and suggests a new way for obtaining supporting empirical evidence.

Suggested Citation

  • Luigi Brighi & Reinhard John, 2005. "A hypothesis guaranteeing the weak weak axiom," Department of Economics 0486, University of Modena and Reggio E., Faculty of Economics "Marco Biagi".
  • Handle: RePEc:mod:depeco:0486
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    References listed on IDEAS

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    5. Hansen, Bruce E, 2002. "Tests for Parameter Instability in Regressions with I(1) Processes," Journal of Business & Economic Statistics, American Statistical Association, vol. 20(1), pages 45-59, January.
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    7. Lieven Baele & Annalisa Ferrando & Peter Hördahl & Elizaveta Krylova & Cyril Monnet, 2004. "Measuring financial integration in the euro area," Occasional Paper Series 14, European Central Bank.
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    13. James G. MacKinnon, 1990. "Critical Values for Cointegration Tests," Working Papers 1227, Queen's University, Department of Economics.
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    More about this item

    Keywords

    Weak axiom of revealed preference; Nondecreasing dispersion of excess demand; Uniqueness of equilibrium;

    JEL classification:

    • D5 - Microeconomics - - General Equilibrium and Disequilibrium

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