STABILITY OF EXCESS DEMAND FUNCTIONS WITH RESPECT TO A STRONG VERSION OF WALD'S AXIOM

Phan Thanh An () and Vuong Thi Thao Binh
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Phan Thanh An: Institute of Mathematics, 18 Hoang Quoc Viet, 10307, Hanoi, Vietnam;
Vuong Thi Thao Binh: Faculty of Fundamental Science & Basis Economy, Foreign Trade University, Hanoi, Vietnam

Asia-Pacific Journal of Operational Research (APJOR), 2009, vol. 26, issue 04, 523-532

Abstract: In this paper, a use ofs-quasimonotonicity [introduced inOptimization, Vol. 55 (2006)] in an economics model is presented. We introduce a strong version of Wald's Axiom of excess demand functions$Z : P \subset \mathbb{R}_{>0}^n \to \mathbb{R}^n$, namely "there exists σ > 0 such thatp, q ∈ P, qTZ(p) - δ ≤ 0,|δ| 0". Under some assumptions,Zsatisfies the strong version of Wald's Axiom iff-Zis as-quasimonotone function. Consequently, an excess demand functionZsatisfies the strong version of Wald's Axiom iff-Zis stable with respect to the pseudomonotonicity property (i.e. there exists ∊ > 0 such that-Z + afulfills the pseudomonotonicity property for alla ∈ ℝnsatisfying‖a‖

Keywords: Pseudomonotonicity; s-quasimonotonicity; excess demand function; Walras' Law; Wald's Axiom (search for similar items in EconPapers)
Date: 2009
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DOI: 10.1142/S021759590900233X

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