General consumption constraints 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 endowments. We prove that, generically in the space of endowments and possibility functions, economies are regular. A regular economy has a finite number of equilibria, which locally depend on endowments and possibility functions in a continuous manner.

Keywords: General economic equilibrium; regular economy; consumption possibility (search for similar items in EconPapers)
Date: 2008-12
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Citations: View citations in EconPapers (10)

Published in Journal of Mathematical Economics, 2008, 44 (12), pp.1286-1301. ⟨10.1016/j.jmateco.2008.07.007⟩

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Journal Article: General consumption constraints and regular economies (2008)
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Working Paper: General consumption constraints and regular economies (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:pseptp:halshs-00309539

DOI: 10.1016/j.jmateco.2008.07.007

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