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On the Computation of the Hausdorff Dimension of the Walrasian Economy: Addendum

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  • Dominique, C-Rene

Abstract

In a recent paper, Dominique (2009) argues that for a Walrasian economy with m consumers and n goods, the equilibrium set of prices becomes a fractal attractor due to continuous destructions and creations of excess demands. The paper also posits that the Hausdorff dimension of the attractor is d = ln (n) / ln (n-1) if there are n copies of sizes (1/ (n-1)), but that assumption does not hold. A subsequent paper (no 16723) modified that assumption, dealt with the self-similarity of the Walrasian economy, and computed the Hausdorff dimensions of the attractor as if it were a space-filling curve. This paper is an extension of the first two. It shows that the path of the equilibrium price vector within the attractor is rather as close as one can get to a Brownian motion that tends to fill up the whole hyperspace available to it. The end analysis is that the economy obeys a homogeneous power law in the form of f- . Power Spectra and Hausdorff dimensions are then computed for both the attractor and economic time series.

Suggested Citation

  • Dominique, C-Rene, 2009. "On the Computation of the Hausdorff Dimension of the Walrasian Economy: Addendum," MPRA Paper 18292, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:18292
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    File URL: https://mpra.ub.uni-muenchen.de/18292/1/MPRA_paper_18292.pdf
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    References listed on IDEAS

    as
    1. Dominique, C-Rene, 2008. "Walrasian Solutions Without Utility Functions," MPRA Paper 8906, University Library of Munich, Germany, revised 2008.
    2. Herbert E. Scarf, 1959. "Some Examples of Global Instability of the Competitive Equilibrium," Cowles Foundation Discussion Papers 79, Cowles Foundation for Research in Economics, Yale University.
    3. Dominique, C-Rene, 2009. "Could Markets' Equilibrium Sets Be Fractal Attractors?," MPRA Paper 13624, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Fractal Attractor; Contractive Mappings; Self-similarity; Hausdorff Dimensions of the Walrasian Economy and time series; Brownian Motion; Power Spectra; Hausdorff Dimensions in Higher Dimensions.;

    JEL classification:

    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • C0 - Mathematical and Quantitative Methods - - General
    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics

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