The equilibrium set of economies with a continuous consumption space
type: Item
instance of: scholarly article
title: The equilibrium set of economies with a continuous consumption space
zbMATH Open document ID: 1223.91026
author: Enrique Covarrubias
published in: Journal of Mathematical Economics
publication date: 2011-07-27T00:00:00Z
review text: The paper investigates global properties of the equilibrium set of exchange economies with a continuous consumption space \(X=C^{++}(M,R^{n})\), where \( M \), the parameter set, is a compact subset of \( R^m \). The consumption plan of agent \( i\in \{1,...,I\}\)\, is a continuous function \( x_{i}:M \to R^{n}_{++} \). Each agent \( i \) is equipped with an initial endowment \(\omega_{i}\in{X}\) and her preferences are represented by separable utilities \[ U_i(x)=\int_{M}u^i(x(t),t)dt, \] where \( u^i(x,t):R^n_{++}\times{M}\to{R} \) is a strictly monotonic, concave, \( C^2 \) function. The author shows that the equilibrium set of the corresponding exchange problem is contractible and equilibrium prices vary continuously (outside the singular) as functions of initial endowments.
reviewed by: Vladimir Gorbunov
Mathematics Subject Classification ID: 91B50
Mathematics Subject Classification ID: 91B54
zbMATH DE Number: 5933147
zbMATH Keywords: exchange economy
zbMATH Keywords: infinite economies
zbMATH Keywords: commodity differentiation
zbMATH Keywords: equilibrium manifold
zbMATH Keywords: contractibility
MaRDI profile type: Publication
full work available at URL: j.jmateco.2011.01.004
OpenAlex ID: W2001029850
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DOI: 10.1016/J.JMATECO.2011.01.004
description: scientific article; zbMATH DE number 5933147