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Chichilnisky and G. Heal , On the existence and the structure of the pseudo-equilibrium manifold , Journal of Mathematical Economics , vol. Duffie and W. Hart , On the optimality of equilibrium when the market structure is incomplete , Journal of Economic Theory , vol.
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Magill, and A. Mas-colell , A geometric approach to a class of equilibrium existence theorems , Journal of Mathematical Economics , vol. Hens , Incomplete markets Elements of general equilibrium analysis , Hirsch , Differentiel topology , Magill and W. As a second step, a homotopy argument, stated and proved in relatively elementary manner, is applied to that "extended systemof equations. 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.
Pdf Differential Topology And General Equilibrium With Complete And Incomplete Markets
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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