Possibility functions and regular economies

Jean-Marc Bonnisseau and Elena del Mercato

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Abstract: In the spirit of Smale's work, we consider pure exchange economies with general consumption sets. In this paper, the consumption set of each household is described in terms of a function called possibility function. The main innovation comes from the dependency of each possibility function with respect to the individual endowment. We prove that, generically in the space of endowments and possibility functions, economies are regular. A regular economy has only a finite number of equilibria which locally depend on endowments and possibility functions in a continuous manner.

Keywords: Equilibre économique général; possibilité de consommation; économie régulière; General economic equilibrium; consumption possibility; regular economy (search for similar items in EconPapers)
Date: 2007-05
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00159638v1
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Published in 2007

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Related works:
Working Paper: Possibility functions and regular economies (2007)
Working Paper: Possibility functions and regular economies (2007)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00159638

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