Structural stability and catastrophes

Andrea Loi () and Stefano Matta
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Andrea Loi: University of Cagliari - Italy

Economics Bulletin, 2012, vol. 32, issue 4, 3378-3385

Abstract: We show that, in a pure exchange smooth economy, a redistribution of endowments involving singular economies can be supported by a unique and continuous path of supporting equilibrium price vectors if this redistribution is the projection of a path on the equilibrium manifold transversal to the set of critical equilibria.

Keywords: Equilibrium manifold; regular equilibria; catastrophes; structural stability; smooth selection of prices. (search for similar items in EconPapers)
JEL-codes: C6 D5 (search for similar items in EconPapers)
Date: 2012-12-12
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