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Necessary and sufficient conditions for global uniqueness of equilibria

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  • Covarrubias, Enrique

Abstract

We study the problem of finding necessary and sufficient conditions that guarantee global uniqueness of equilibria in a pure exchange economy. We show that for every economy to have a unique equilibrium it is necessary and sufficient that (i) there are no critical economies and (ii) a compact set of economies has a compact set of equilibria.

Suggested Citation

  • Covarrubias, Enrique, 2008. "Necessary and sufficient conditions for global uniqueness of equilibria," MPRA Paper 8833, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:8833
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    References listed on IDEAS

    as
    1. Debreu, Gerard, 1970. "Economies with a Finite Set of Equilibria," Econometrica, Econometric Society, vol. 38(3), pages 387-392, May.
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    5. Dierker, Egbert, 1993. "Regular economies," Handbook of Mathematical Economics, in: K. J. Arrow & M.D. Intriligator (ed.), Handbook of Mathematical Economics, edition 4, volume 2, chapter 17, pages 795-830, Elsevier.
    6. Dierker, Egbert, 1972. "Two Remarks on the Number of Equilibria of an Economy," Econometrica, Econometric Society, vol. 40(5), pages 951-953, September.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    general equilibrium; invertibility; global uniqueness; critical economy; regular economy; equilibrium manifold; natural projection; diffeomorphism; Jacobian;
    All these keywords.

    JEL classification:

    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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