Local Disaggregation of Negative Demand and Excess Demand Functions

Pierre Chiappori, Ivar Ekeland and Martin Browning
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Ivar Ekeland: University of British Columbia

No 2005-09, CAM Working Papers from University of Copenhagen. Department of Economics. Centre for Applied Microeconometrics

Abstract: The literature on the characterization of aggregate excess and market demand has generated three types of results: global, local, or ’at a point’. In this note, we study the relationship between the last two approaches. We prove that within the class of functions satisfying standard conditions and whose Jacobian matrix is negative semi-definite, only n/2 + 1 agents are needed for the ’at’ decomposition. We ask whether, within the same class, the ’around’ decomposition also requires only n/2 + 1 agents.

Keywords: aggregation; market demand functions (search for similar items in EconPapers)
JEL-codes: D51 (search for similar items in EconPapers)
Pages: 7 pages
Date: 2005-05
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Related works:
Journal Article: Local disaggregation of negative demand and excess demand functions (2007)
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