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Zentralblatt MATH
c 2012 FIZ Karlsruhe


Zbl 1232.91446
Balasko, Yves
On the number of critical equilibria separating two equilibria.
Theor. Econ. 7, No. 1, 163-181 (2012).
Summary: It is shown that two arbitrary equilibria in the general equilibrium model without sign restrictions
on endowments can be joined by a continuous equilibrium path that contains at most two critical equilibria.
This property is strengthened by showing that regular equilibria having an index equal to 1, a necessary
condition for stability, can be joined by a path containing no critical equilibrium. These properties follow
from the real-algebraic nature of the set of critical equilibria in any fiber of the equilibrium manifold.
Classification: 91B50 91B52 91B24
Keywords: equilibrium prices; equilibrium manifold; equilibrium path; critical equilibrium; catastrophe
doi:10.3982/TE822

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April 22, 2012



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