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Minimality and uniqueness of equilibrium

Author

Listed:
  • Loi, Andrea
  • Matta, Stefano

Abstract

In this paper we propose the following conjecture: the equilibrium manifold E(r) ⊂ RLM−1, where L is the number of goods and M the number of consumers, is a minimal submanifold if and only if the price is unique for every economy. We show the validity of this conjecture for an arbitrary number of goods and two consumers and for an arbitrary number of consumers and two goods under the assumption that the normal vector field of E(r) is constant outside a compact subset.

Suggested Citation

  • Loi, Andrea & Matta, Stefano, 2019. "Minimality and uniqueness of equilibrium," MPRA Paper 98055, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:98055
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    File URL: https://mpra.ub.uni-muenchen.de/98055/1/MPRA_paper_98055.pdf
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    More about this item

    Keywords

    Equilibrium manifold; uniqueness of equilibrium; minimal submanifold.;

    JEL classification:

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

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