Structural stability, Morse's lemma and singular economies
In this paper we consider economies whose consumption spaces are subsets of a Hilbert space with non-empty interior, and we introduce the Negishi approach to characterize the social equilibria of these economies. Using Morse's lemma, we analyze the main characteristics of two-agents-economies, and classify them. We show that the characteristics of \similar economies", in the sense introduced in [Debreu,G. (1970)], can be very di®erent from the structural stability point of view. Finally, we show that the useful mathematical de¯nition of structural stability is not enough to characterize structural stability in economics.
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- Chichilnisky, G & Zhou, Y, 1996.
"Smooth Infinite Economiesq,"
1996_30, Columbia University, Department of Economics.
- Elvio Accinelli, 1999.
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Documentos de Trabajo (working papers)
0399, Department of Economics - dECON.
- Elvio Accinelli, 1994. "Existence and uniqueness of the competitive equilibrium for infinite dimensional economies," Estudios de Economia, University of Chile, Department of Economics, vol. 21(2 Year 19), pages 313-326, December.
- Elvio Accinelli & Alfredo Piria & Martín Puchet, 2001. "Tastes and Singular Economies," Documentos de Trabajo (working papers) 1301, Department of Economics - dECON.
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