A note on the structural stability of the equilibrium manifold

In a smooth pure exchange economy with fixed total resources we investigate whether the smooth selection property holds when endowments are redistributed across consumers through a continuous (non-local) redistribution policy. We show that if the policy is regular then there exists a unique continuous path of equilibrium prices which support it.

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Year of publication:	2010
Authors:	Loi, Andrea ; Matta, Stefano
Published in:	Journal of Mathematical Economics. - Elsevier, ISSN 0304-4068. - Vol. 46.2010, 4, p. 591-594
Publisher:	Elsevier
Keywords:	Equilibrium manifold Regular equilibria Catastrophes Structural stability Smooth selection of prices

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Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008870891