Determinancy of Equilibria in Nonsmooth Economies
Autor(a) principal: | |
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Data de Publicação: | 1995 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10362/87934 |
Resumo: | Concavifiable preferences are representable by a function which is twice differentiable almost everywhere, by Alexandroff's [1] theorem. We show that if the bordered hessian determinant of a concave utility representation vanishes only a null set of bundles, then demand is countably rectifiable, that is, except for a null set of bundles, it is a countable union of CI manifolds. Given this property, equilibrium prices will be locally unique, for almost every endowment. We given an example of an economy satisfying these conditions but not the Katzner [6] - Debreu [2], [3] smoothness conditions. |
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Determinancy of Equilibria in Nonsmooth EconomiesConcavifiable preferences are representable by a function which is twice differentiable almost everywhere, by Alexandroff's [1] theorem. We show that if the bordered hessian determinant of a concave utility representation vanishes only a null set of bundles, then demand is countably rectifiable, that is, except for a null set of bundles, it is a countable union of CI manifolds. Given this property, equilibrium prices will be locally unique, for almost every endowment. We given an example of an economy satisfying these conditions but not the Katzner [6] - Debreu [2], [3] smoothness conditions.RUNPáscoa, Mário RuiWerlang, Sérgio Ribeiro da Costa2019-11-21T11:51:10Z19951995-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10362/87934engPáscoa, Mário Rui and Werlang, Sérgio Ribeiro da Costa, Determinancy of Equilibria in Nonsmooth Economies (1995). FEUNL Working Paper Series No. 250info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T04:39:08Zoai:run.unl.pt:10362/87934Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:36:47.631763Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Determinancy of Equilibria in Nonsmooth Economies |
title |
Determinancy of Equilibria in Nonsmooth Economies |
spellingShingle |
Determinancy of Equilibria in Nonsmooth Economies Páscoa, Mário Rui |
title_short |
Determinancy of Equilibria in Nonsmooth Economies |
title_full |
Determinancy of Equilibria in Nonsmooth Economies |
title_fullStr |
Determinancy of Equilibria in Nonsmooth Economies |
title_full_unstemmed |
Determinancy of Equilibria in Nonsmooth Economies |
title_sort |
Determinancy of Equilibria in Nonsmooth Economies |
author |
Páscoa, Mário Rui |
author_facet |
Páscoa, Mário Rui Werlang, Sérgio Ribeiro da Costa |
author_role |
author |
author2 |
Werlang, Sérgio Ribeiro da Costa |
author2_role |
author |
dc.contributor.none.fl_str_mv |
RUN |
dc.contributor.author.fl_str_mv |
Páscoa, Mário Rui Werlang, Sérgio Ribeiro da Costa |
description |
Concavifiable preferences are representable by a function which is twice differentiable almost everywhere, by Alexandroff's [1] theorem. We show that if the bordered hessian determinant of a concave utility representation vanishes only a null set of bundles, then demand is countably rectifiable, that is, except for a null set of bundles, it is a countable union of CI manifolds. Given this property, equilibrium prices will be locally unique, for almost every endowment. We given an example of an economy satisfying these conditions but not the Katzner [6] - Debreu [2], [3] smoothness conditions. |
publishDate |
1995 |
dc.date.none.fl_str_mv |
1995 1995-01-01T00:00:00Z 2019-11-21T11:51:10Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10362/87934 |
url |
http://hdl.handle.net/10362/87934 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Páscoa, Mário Rui and Werlang, Sérgio Ribeiro da Costa, Determinancy of Equilibria in Nonsmooth Economies (1995). FEUNL Working Paper Series No. 250 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
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application/pdf |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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RCAAP |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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