General Equilibrium without Utility Functions: How far to go?

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General Equilibrium without Utility Functions: How far to go? / Balasko, Yves; Tvede, Mich.

Department of Economics, University of Copenhagen, 2009.

Research output: Working paper › Research

Harvard

Balasko, Y & Tvede, M 2009 'General Equilibrium without Utility Functions: How far to go?' Department of Economics, University of Copenhagen.

APA

Balasko, Y., & Tvede, M. (2009). General Equilibrium without Utility Functions: How far to go? Department of Economics, University of Copenhagen.

Vancouver

Balasko Y, Tvede M. General Equilibrium without Utility Functions: How far to go? Department of Economics, University of Copenhagen. 2009.

Author

Balasko, Yves ; Tvede, Mich. / General Equilibrium without Utility Functions: How far to go?. Department of Economics, University of Copenhagen, 2009.

Bibtex

@techreport{2965f4709b9a11debc73000ea68e967b,
title = "General Equilibrium without Utility Functions: How far to go?",
abstract = "How far can we go in weakening the assumptions of the general equilibrium model? Existence of equilibrium, structural stability and finiteness of equilibria of regular economies, genericity of regular economies and an index formula for the equilibria of regular economies have been known not to require transitivity and completeness of consumers' preferences. We show in this paper that if consumers' non-ordered preferences satisfy a mild version of convexity already considered in the literature, then the following properties are also satisfied: 1) the smooth manifold structure and the diffeomorphism of the equilibrium manifold with a Euclidean space; 2) the diffeomorphism of the set of no-trade equilibria with a Euclidean space; 3) the openness and genericity of the set of regular equilibria as a subset of the equilibrium manifold; 4) for small trade vectors, the uniqueness, regularity and stability of equilibrium for two version of tatonnement; 5) the pathconnectedness of the sets of stable equilibria.",
keywords = "Faculty of Social Sciences, equilibrium manifold, natural projection, demand functions, non-ordered preferences",
author = "Yves Balasko and Mich Tvede",
note = "JEL classification: C62, D11, D51",
year = "2009",
language = "English",
publisher = "Department of Economics, University of Copenhagen",
address = "Denmark",
type = "WorkingPaper",
institution = "Department of Economics, University of Copenhagen",

}

RIS

TY - UNPB

T1 - General Equilibrium without Utility Functions: How far to go?

AU - Balasko, Yves

AU - Tvede, Mich

N1 - JEL classification: C62, D11, D51

PY - 2009

Y1 - 2009

N2 - How far can we go in weakening the assumptions of the general equilibrium model? Existence of equilibrium, structural stability and finiteness of equilibria of regular economies, genericity of regular economies and an index formula for the equilibria of regular economies have been known not to require transitivity and completeness of consumers' preferences. We show in this paper that if consumers' non-ordered preferences satisfy a mild version of convexity already considered in the literature, then the following properties are also satisfied: 1) the smooth manifold structure and the diffeomorphism of the equilibrium manifold with a Euclidean space; 2) the diffeomorphism of the set of no-trade equilibria with a Euclidean space; 3) the openness and genericity of the set of regular equilibria as a subset of the equilibrium manifold; 4) for small trade vectors, the uniqueness, regularity and stability of equilibrium for two version of tatonnement; 5) the pathconnectedness of the sets of stable equilibria.

AB - How far can we go in weakening the assumptions of the general equilibrium model? Existence of equilibrium, structural stability and finiteness of equilibria of regular economies, genericity of regular economies and an index formula for the equilibria of regular economies have been known not to require transitivity and completeness of consumers' preferences. We show in this paper that if consumers' non-ordered preferences satisfy a mild version of convexity already considered in the literature, then the following properties are also satisfied: 1) the smooth manifold structure and the diffeomorphism of the equilibrium manifold with a Euclidean space; 2) the diffeomorphism of the set of no-trade equilibria with a Euclidean space; 3) the openness and genericity of the set of regular equilibria as a subset of the equilibrium manifold; 4) for small trade vectors, the uniqueness, regularity and stability of equilibrium for two version of tatonnement; 5) the pathconnectedness of the sets of stable equilibria.

KW - Faculty of Social Sciences

KW - equilibrium manifold

KW - natural projection

KW - demand functions

KW - non-ordered preferences

M3 - Working paper

BT - General Equilibrium without Utility Functions: How far to go?

PB - Department of Economics, University of Copenhagen

ER -

ID: 14249730