On the orientability of the asset equilibrium manifold

Philippe Bich ()
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Philippe Bich: CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique

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Abstract: This paper addresses partly an open question raised in the Handbook of Mathematical Economics about the orientability of the pseudo-equilibrium manifold in the basic two-period General Equilibrium with Incomplete markets (GEI) model. For a broad class of explicit asset structures, it is proved that the asset equilibrium space is an orientable manifold if S-J is even, where S is the number of states of nature and J the number of assets. This implies, under the same conditions, the orientability of the pseudo-equilibrium manifold. By a standard homotopy argument, it also entails the index theorem for S-J even. A particular case is Momi's result, i.e the index theorem for generic endowments and real asset structures if S-J is even.

Keywords: incomplete markets; equilibria manifold; orientability; index theorem (search for similar items in EconPapers)
Date: 2006-08
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00287677
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Published in Journal of Mathematical Economics, 2006, 42 (4-5), pp.452-470. ⟨10.1016/j.jmateco.2006.04.004⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-00287677

DOI: 10.1016/j.jmateco.2006.04.004

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