Aggregation and market demand: An exterior differential calculus viewpoint
成果类型：
Article
署名作者：
Chiappori, PA; Ekeland, I
署名单位：
University of Chicago; Universite PSL; Universite Paris-Dauphine; Universite PSL; Universite Paris-Dauphine
刊物名称：
ECONOMETRICA
ISSN/ISSBN：
0012-9682
DOI：
10.1111/1468-0262.00085
发表日期：
1999
页码：
1435-1457
关键词：
摘要：
We analyze under which conditions a given vector field can be disaggregated as a linear combination of gradients. This problem is typical of aggregation theory, as illustrated by the literature on the characterization of aggregate market demand and excess demand. We argue that exterior differential calculus provides very useful tools to address these problems. In particular, we show, using these techniques, that any analytic mapping in R-n satisfying Walras Law can be locally decomposed as the sum of rt individual, utility-maximizing market demand functions. In addition, we show that the result holds for arbitrary (price-dependent) income distributions, and that the decomposition can be chosen such that it varies continuously with the mapping. Finally, when income distribution can be freely chosen, then decomposition requires only n/2 agents.
来源URL：