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How far can we go in weakening the assumptions of the general equilibrium model? Existence of equilibrium, structural stability and finiteness of equilibria of regular economies, genericity of regular economies and an index formula for the equilibria of regular economies have been known not to...
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We consider the problem of determining the individual preference rankings that are necessarily implied by a dataset consisting of prices, income distributions and total resources. We show the equivalence between the compatibility with individual preference rankings and the existence of a...
Persistent link: https://www.econbiz.de/10013160406
We investigate the geometry of finite datasets defined by equilibrium prices, income distributions, and total resources. We show that the equilibrium condition imposes no restrictions if total resources are collinear, a property that is robust to small perturbations. We also show that the set of...
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The Heckscher-Ohlin model with arbitrary number of goods, factors and countries (consumers) and no restrictions on factor trading is shown to be equivalent to an exchange model whose goods are the productive factors while consumer's indirect demands for factors are derived from their actual...
Persistent link: https://www.econbiz.de/10009762430
Social demand functions result from the budget constrained maximization of "social preferences" or "other regarding preferences." These preferences are non-selfish in the sense that they also depend on other consumers' wealth. This paper addresses the robustness to wealth externalities of the...
Persistent link: https://www.econbiz.de/10009762437