On the Relation between the Equilibrium Set and the Demand Functions

Nickolas J. Michelacakis ()
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Nickolas J. Michelacakis: University of Piraeus, Department of Economics, 80, M. Karaoli & A. Dimitriou Str, 185 34 Piraeus, Greece.

SPOUDAI Journal of Economics and Business, 2013, vol. 63, issue 1-2, 94-99

Abstract: It is shown that, in pure exchange economies, the individual demand functions can be recovered from the equilibrium set regardless of the way we evaluate wealth. Following Balasco (2004), the demand functions do not have to be differentiable, not even continuous nor utility maximizing. Thus, the set of equilibria does not necessarily carry the structure of a manifold. Further, it is proved that the inner product structure is redundant in the sense that the result holds true even if wealth is being evaluated by means of a more general function on the price commodity space satisfying minimal requirements.

Keywords: Equilibrium set (manifold); Demand functions. (search for similar items in EconPapers)
JEL-codes: D50 D51 (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:spd:journl:v:63:y:2013:i:1-2:p:94-99

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