Local disaggregation of demand and excess demand functions: a new question

Pierre Chiappori, Ivar Ekeland and Martin Browning
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Ivar Ekeland: Université Paris-Dauphine

No 99-09, Discussion Papers from University of Copenhagen. Department of Economics

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: 10 pages
Date: 1999-01
New Economics Papers: this item is included in nep-mic
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:kud:kuiedp:9909

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