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In this paper, we prove an existence theorem for approximated equilibria in a class of discontinuous economies. The existence result is a direct consequence of a discontinuous extension of Brouwer’s fixed point Theorem (1912), and is a refinement of several classical results in the standard...
Persistent link: https://www.econbiz.de/10011072233
This paper addresses partly an open question raised in the Handbook of Mathematical Economics about the orientability of the pseudo-equilibrium manifold in the basic two-period General Equilibrium with Incomplete Markets (GEI) model. For a broad class of explicit asset structures, it is proved...
Persistent link: https://www.econbiz.de/10011072967
In this article, we extend Brouwer's fixed point theorem – which states that every continuous mapping f :B→B (a closed ball of Rn ) must have a fixed point – by allowing discontinuities of f, and we apply this extension to equilibrium theory in Economics.
Persistent link: https://www.econbiz.de/10011073926