The structure of the set of critical equilibria with incomplete markets
type: Item
instance of: scholarly article
title: The structure of the set of critical equilibria with incomplete markets
zbMATH Open document ID: 0957.91065
DOI: 10.1016/S0304-4068(97)00028-1
author: Carolina Manzano
published in: Journal of Mathematical Economics
publication date: 1999-09-01T00:00:00Z
review text: An economy with two periods, today and tomorrow, is considered. The latter one is connected with uncertainty represented by a finite set of states of nature. The main interest is focused to the equilibrium set and its formal structure. The main result of the paper shows that the subset of critical equilibria is closed and it has the measure zero in the equilibrium set. As a consequence of this result, it is shown that also the subset of critical economies is closed and it has the measure zero in the sets of economies. Moreover, one of the auxiliary shows that the equilibrium set of the considered type of economy forms a manifold.
reviewed by: Milan Mareš
Mathematics Subject Classification ID: 91B50
Mathematics Subject Classification ID: 91B52
zbMATH DE Number: 1330531
zbMATH Keywords: critical equilibrium
zbMATH Keywords: critical economy
zbMATH Keywords: equilibrium
zbMATH Keywords: incomplete market
MaRDI profile type: Publication
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full work available at URL: s0304-4068(97)00028-1
OpenAlex ID: W2061390384
description: scientific article; zbMATH DE number 1330531