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Action in Economics: Mathematical Derivation of Laws of Economics from the Principle of Least Action in Physics

Kombarov, Sayan - 2021

laws of market, such Say’s law, marginal value and interest rate theory, with the modern results of mathematical economics …, such as Capital Asset Pricing Model (CAPM), game theory and behavioral economics. This principle is well known in classical …

Persistent link: https://www.econbiz.de/10015267579

Minimal entropy and uniqueness of price equilibria in a pure exchange economy

Loi, Andrea; Matta, Stefano - 2021

We introduce uncertainty into a pure exchange economy and establish a connection between Shannon’s differential entropy and uniqueness of price equilibria. The following conjecture is proposed under the assumption of a uniform probability distribution: entropy is minimal if and only if the...

Persistent link: https://www.econbiz.de/10015234904

New Economics

Obregon, Carlos - 2020

economic theory. The main problem of traditional economy is that it has not taken seriously the need to explore the … themselves, have perniciously enter into microeconomics, macroeconomics and economic growth theory. And as a consequence we do … economic theory. The main purpose of this manuscript is to delineate the route towards the consolidation of such a new theory. …

Persistent link: https://www.econbiz.de/10015214327

A note on the structural stability of the equilibrium manifold

Loi, Andrea; Matta, Stefano - 2009

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...

Persistent link: https://www.econbiz.de/10015217040

Economy of referential preferences

Goucha, T - 2012

In this paper we introduce basic notions of new economic model where preference relations on commodities set are represented by a group action on Euclidean space instead of utility function. Conditions that ensure the existence of individual demand functions and a general equilibrium in the...

Persistent link: https://www.econbiz.de/10015232421

Core equivalence in presence of satiation and indivisibilities

Bhowmik, Anuj; Dharanan, GVA - 2021

Equivalence between rejective core and set of dividend equilibria allocations is studied in finite economy and double infinity economy frameworks in presence of indivisibilities of commodities while also allowing the presence of satiated agents. It is further shown that in the finite economy and...

Persistent link: https://www.econbiz.de/10015233740

Necessary and sufficient conditions for global uniqueness of equilibria

Covarrubias, Enrique - 2008

We study the problem of finding necessary and sufficient conditions that guarantee global uniqueness of equilibria in a pure exchange economy. We show that for every economy to have a unique equilibrium it is necessary and sufficient that (i) there are no critical economies and (ii) a compact...

Persistent link: https://www.econbiz.de/10015261151

The number of equilibria of smooth infinite economies with separable utilities

Covarrubias, Enrique - 2008

We construct an index theorem for smooth infinite economies with separable utilities that shows that generically the number of equilbria is odd. As a corollary, this gives a new proof of existence and gives conditions that guarantee global uniqueness of equilibria.

Persistent link: https://www.econbiz.de/10015262357

Determinacy of equilibria of smooth infinite economies

Covarrubias, Enrique - 2008

This paper deals with generic determinacy of equilibria for infinite dimensional consumption spaces. Our work could be seen as an infinite-dimensional analogue of Dierker and Dierker (1972), by characterising equilibria of an economy as a zero of the aggregate excess demand, and studying its...

Persistent link: https://www.econbiz.de/10015264252

Minimality and uniqueness of equilibrium

Loi, Andrea; Matta, Stefano - 2019

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...

Persistent link: https://www.econbiz.de/10015266221