IDEAS home Printed from
MyIDEAS: Login to save this paper or follow this series

Determinacy of equilibria of smooth infinite economies

  • Covarrubias, Enrique

This paper deals with generic determinacy of equilibria for infinite dimensional consumption spaces. Our work could be seen as an infinite-dimensional analogue of Dierker and Dierker (1972), by characterising equilibria of an economy as a zero of the aggregate excess demand, and studying its transversality. In this case, we can use extensions of the transversality density theorem. Assuming separable utilities, we give a new proof of generic determinacy of equilibria. We define regular price systems in this setting and show that an economy is regular if and only if its associated excess demand function only has regular equilibrium prices. We also define the infinite equilibrium manifold and show that it has the structure of a Banach manifold.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
File Function: original version
Download Restriction: no

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 9437.

in new window

Date of creation: 2008
Date of revision:
Handle: RePEc:pra:mprapa:9437
Contact details of provider: Postal: Schackstr. 4, D-80539 Munich, Germany
Phone: +49-(0)89-2180-2219
Fax: +49-(0)89-2180-3900
Web page:

More information through EDIRC

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

as in new window
  1. Dierker, Egbert, 1972. "Two Remarks on the Number of Equilibria of an Economy," Econometrica, Econometric Society, vol. 40(5), pages 951-53, September.
  2. 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.
  3. Chris Shannon, 1996. "Determinacy of Competitive Equilibria in Economies with Many Commodities," GE, Growth, Math methods 9610002, EconWPA.
  4. Shannon, Chris & Zame, William R., 1999. "Quadratic Concavity and Determinacy of Equilibrium," Department of Economics, Working Paper Series qt3fv586x6, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  5. Dierker, Egbert & Dierker, Hildegard, 1972. "The Local Uniqueness of Equilibria," Econometrica, Econometric Society, vol. 40(5), pages 867-81, September.
  6. Hervés-Beloso, Carlos & Monteiro, Paulo Klinger, 2009. "Existence, continuity and utility representation of strictly monotonic preferences on continuum of goods commodity spaces," MPRA Paper 15157, University Library of Munich, Germany.
  7. Kehoe, Timothy J. & Levine, David K. & Mas-Colell, Andreu & Zame, William R., 1989. "Determinacy of equilibrium in large-scale economies," Journal of Mathematical Economics, Elsevier, vol. 18(3), pages 231-262, June.
  8. Araujo, A., 1988. "The non-existence of smooth demand in general banach spaces," Journal of Mathematical Economics, Elsevier, vol. 17(4), pages 309-319, September.
  9. Timothy J. Kehoe & David K. Levine & Andreu Mas-Colell & William Zame, 1989. "Determinacy of Equilibrium in Large Square Economies," Levine's Working Paper Archive 46, David K. Levine.
  10. Mas-Colell, Andreu, 1991. "Indeterminacy in Incomplete Market Economies," Economic Theory, Springer, vol. 1(1), pages 45-61, January.
  11. Balasko, Yves, 1997. "The natural projection approach to the infinite-horizon model," Journal of Mathematical Economics, Elsevier, vol. 27(3), pages 251-263, April.
  12. Elvio Accinelli, 2003. "About manifolds and determinacy in general equilibrium theory," Estudios de Economia, University of Chile, Department of Economics, vol. 30(2 Year 20), pages 169-177, December.
  13. Hervé Crès & Tobias Markeprand & Mich Tvede, 2009. "Incomplete Financial Markets and Jumps in Asset Prices," Discussion Papers 09-12, University of Copenhagen. Department of Economics.
  14. Chichilnisky, Graciela & Zhou, Yuqing, 1998. "Smooth infinite economies," Journal of Mathematical Economics, Elsevier, vol. 29(1), pages 27-42, January.
  15. Balasko, Yves, 1997. "Equilibrium analysis of the infinite horizon model with smooth discounted utility functions," Journal of Economic Dynamics and Control, Elsevier, vol. 21(4-5), pages 783-829, May.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:9437. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.