 Walrasian Comparative StudiesDonald J. Brown and Rosa L. Matzkin.
No 94-226, Economics Working Papers from University of California at Berkeley Abstract: We present a finite system of polynomial inequalities in unobservable endogenous variables and market data that observations on market prices, individual incomes, and aggregate endowments must satisfy to be consistent with the equilibrium behavior of some pure exchange economy. We also derive a corresponding family of polynomial inequalities for production economies. For these economies, we give necessary and sufficient conditions in terms of observations on market prices, aggregate endowments, individual profit shares, and individuals' income from their endowments for these observations to be consistent with the equilibrium behavior of some production economy. We use quantifier elimination to derive for both the two-person model of pure exchange and the two- sector general equilibrium model comparative statics relationships between two observations on market data that are necessary and sufficient for the existence of utility functions and production functions which are consistent with equilibrium behavior in the pure exchange economy and the two-sector model. Date: 1994-01-01 There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ucb:calbwp:94-226 Ordering information: This working paper can be ordered from Access Statistics for this paper More papers in Economics Working Papers from University of California at Berkeley University of California at Berkeley, Berkeley, CA USA. Contact information at EDIRC. |
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