Competitive equilibria with consumption possibility depending on endowments: a global analysis

Jean-Marc BONNISSEAU () and Elena Laureana del Mercato ()

Cahiers de la Maison des Sciences Economiques from Université Panthéon-Sorbonne (Paris 1)

Abstract: In the spirit of Smale's work, we consider a pure exchange economy with general consumption sets. We consider the case in which the consumption set of each household is described in terms of an inequality on a function called possibility function. The possibility function represents the restricted consumption possibility on commodity markets. The main innovation comes from the dependency of the possibility function with respect to the individual initial endowment. We prove that, generically, equilibria are finite and they locally depend on the initial endowments in a smooth manner.

Keywords: General economic equilibrium; consumption sets; regular economies. (search for similar items in EconPapers)
JEL-codes: C62 D11 D50 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mic
Date: 2005-12
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Working Paper: Competitive equilibria with consumption possibility depending on endowments: a global analysis (2005)
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Persistent link: http://EconPapers.repec.org/RePEc:mse:wpsorb:b05085

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