The structure of the set of critical equilibria with incomplete markets

DOI10.1016/S0304-4068(97)00028-1MaRDI QIDQ1300432zbMATH OpenOpenAlexFDO

Authors Carolina Manzano

Publication date 1 September 1999

Published in Journal of Mathematical Economics (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/s0304-4068(97)00028-1

zbMATH Keywords

critical economycritical equilibriumequilibriumincomplete market

Mathematics Subject Classification ID

General equilibrium theory (91B50) Special types of economic equilibria (91B52)

Review text

An economy with two periods, today and tomorrow, is considered. The latter one is connected with uncertainty represented by a finite set of states of nature. The main interest is focused to the equilibrium set and its formal structure. The main result of the paper shows that the subset of critical equilibria is closed and it has the measure zero in the equilibrium set. As a consequence of this result, it is shown that also the subset of critical economies is closed and it has the measure zero in the sets of economies. Moreover, one of the auxiliary shows that the equilibrium set of the considered type of economy forms a manifold.

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Cites work

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Cited in

(8)

• Structure of the equilibria set of a production economy
• The set of regular equilibria
• An extension of a theorem by Mitjushin and Polterovich to incomplete markets
• The structure of the pseudo-equilibrium manifold in economies with incomplete markets
• Remarks on criticality and crisis in pure exchange economies
• From singularity theory to finiteness of Walrasian equilibria
• scientific article; zbMATH DE number 1799270 (Why is no real title available?)
• The equilibrium set of economies with a continuous consumption space

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