Genericity analysis on the pseudo-equilibrium manifold
成果类型：
Article
署名作者：
Zhou, YQ
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1996.2223
发表日期：
1997
页码：
79-92
关键词：
摘要：
In this paper we study the size of the set of equilibria on the pseudo-equilibrium manifold. It is shown that, with incomplete real asset markets, the set of equilibria is an open and dense subset of the pseudo-equilibrium manifold, whose complement is the disjoint union of a finite number of lower dimensional smooth submanifolds. When markets are generically complete, the pseudo-equilibrium manifold with fixed real asset structures is identical to the equilibrium manifold in the Arrow-Debreu model and the above result is still persistent. In addition, it is shown that the complement of the set of equilibria is also a trivial vector bundle over a semi-algebraic set. (C) 1997 Academic Press.