A note on the decomposition (at a point) of aggregate excess demand on the Grassmannian
type: Item
instance of: scholarly article
title: A note on the decomposition (at a point) of aggregate excess demand on the Grassmannian
zbMATH Open document ID: 0976.91045
DOI: 10.1016/S0304-4068(99)00032-4
author: Piero Gottardi
author: Andreu Mas-Colell
published in: Journal of Mathematical Economics
publication date: 2000-06-05T00:00:00Z
review text: The authors analyze the properties of aggregate excess demand functions for economics with an arbitrary finite set of \(N\) commodities where agents face trading restrictions of the ``missing markets'' type. Their budget set is defined by \(K\)-dimensional planes in \(\mathbb{R}^n\). It is shown that, if there are at least \(K\) agents in the economy, the only general property satisfied by the value of the aggregate excess demand and its derivatives, at any arbitrary point, is Walras law. They do this by considering a collection of agents whose preferences are of the ``generalized Leontief'' type, as they defined effectively, on an affine subspace of \(\mathbb{R}^n\) of dimension N-K. This the solution of the linearization at a point problem in the context of the general Grassmannian problem.
Mathematics Subject Classification ID: 91B42
zbMATH DE Number: 1455524
zbMATH Keywords: market demand
zbMATH Keywords: disaggregation
zbMATH Keywords: missing market
reviewed by: Ahmed Hegazi
MaRDI profile type: Publication
cites work: The Structure of Financial Equilibrium with Exogenous Yields: The Case of Incomplete Markets
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full work available at URL: s0304-4068(99)00032-4
OpenAlex ID: W1965857597
description: scientific article; zbMATH DE number 1455524