A Note on the Size of Determinacy and Indeterminacy

Julio Dávila

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Abstract: It is shown in this note that in an incomplete markets economy with uncountably many states of the world there may be uncountably many isolated equilibria as well as uncountably many non-isolated equilibria. Moreover, both subsets can be simultaneously of second category. Therefore, none of the subsets can be considered negligible with respect to the other, neither from a cardinality point of view nor from a topological one. Unfortunately, this fact prevents from claiming that these economies may have "typically" determinate equilibria – even though uncountably many of them – as would have been desirable for comparative statics exercises.

Keywords: determinacy; incomplete markets (search for similar items in EconPapers)
Date: 1998-06
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Published in Economic Theory, 1998, 12 (1), pp.213-223. ⟨10.1007/s001990050219⟩

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Related works:
Journal Article: A note on the "size" of determinacy and indeterminacy (1998)
Working Paper: A Note on the Size of Determinacy and Indeterminacy (1998)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00286028

DOI: 10.1007/s001990050219

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