Testable Restrictions on the Equilibrium Manifold

Donald J. Brown () and Rosa Matzkin
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Donald J. Brown: Yale University

A chapter in Computational Aspects of General Equilibrium Theory, 2008, pp 11-25 from Springer

Abstract: Abstract We present a finite system of polynomial inequalities in unobservable variables and market data that observations on market prices, individual incomes, and aggregate endowments must satisfy to be consistent with the equilibrium behavior of some pure trade economy. Quantifier elimination is used to derive testable restrictions on finite data sets for the pure trade model. A characterization of observations on aggregate endowments and market prices that are consistent with a Robinson Crusoe’s economy is also provided.

Keywords: General equilibrium; nonparametric restrictions; quantifier elimination; representative consumer (search for similar items in EconPapers)
Date: 2008
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Journal Article: Testable Restrictions on the Equilibrium Manifold (1996)
Working Paper: Testable Restrictions on the Equilibrium Manifold (1995)
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DOI: 10.1007/978-3-540-76591-2_2

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