Continuity and Differentiability of Equilibria for Linear Exchange Economies II

Jean-Marc BONNISSEAU (), M. Florig and A. Jofre

Papiers d'Economie Mathématique et Applications from Université Panthéon-Sorbonne (Paris 1)

Abstract: The purpose of this paper is to study how the equilibrium prices and allocations in a linear exchange economy vary with respect to the intial endowments and utility vectors. We characterize an open dense subject of full measure of the initial endowment and utility vector space on which the equilibrium price vector is a real-analytic hence infinitely differentiable function. We provide an explicit formula to compute the equilibrium price and allocation around a point where it is known. We also show that the equilibrium price is a locally Lipschitzian mapping on the whole space.

Keywords: GENERAL EQUILIBRIUM; UTILITY FUNCTION (search for similar items in EconPapers)
JEL-codes: C68 D58 (search for similar items in EconPapers)
Date: 1997

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Persistent link: http://EconPapers.repec.org/RePEc:fth:pariem:97.62

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