Differential Topology and General Equilibrium with Complete and Incomplete Markets
- ISBN-10
- 1402072015
- ISBN-13
- 9781402072017
- Category
- Business & Economics
- Pages
- 516
- Language
- English
- Published
- 2002-08-31
- Publisher
- Springer Science & Business Media
- Author
- Antonio Villanacci
Description
Local uniqueness and smooth dependence of the endogenous variables from the exogenous ones are studied using a version of a so-called parametric transversality theorem. In a standard general equilibrium model, all equilibria are efficient, but that is not the case if some imperfection, like incomplete markets, asymmetric information, strategic interaction, is added. Then, for almost all economies, equilibria are inefficient, and an outside institution can Pareto improve upon the market outcome. Those results are proved showing that a well-chosen system of equations has no solutions."
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- 2013-04-17
- 474 pages
- Ebook
- Springer Science & Business Media
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