General equilibrium without utility functions: how far to go?

Research output: Contribution to journal › Journal article › Research › peer-review

Standard

General equilibrium without utility functions : how far to go? / Balasko, Yves; Tvede, Mich.

In: Economic Theory, Vol. 45, No. 1-2, 2010, p. 201-225.

Research output: Contribution to journal › Journal article › Research › peer-review

Harvard

Balasko, Y & Tvede, M 2010, 'General equilibrium without utility functions: how far to go?', Economic Theory, vol. 45, no. 1-2, pp. 201-225. https://doi.org/10.1007/s00199-009-0496-3

APA

Balasko, Y., & Tvede, M. (2010). General equilibrium without utility functions: how far to go? Economic Theory, 45(1-2), 201-225. https://doi.org/10.1007/s00199-009-0496-3

Vancouver

Balasko Y, Tvede M. General equilibrium without utility functions: how far to go? Economic Theory. 2010;45(1-2):201-225. https://doi.org/10.1007/s00199-009-0496-3

Author

Balasko, Yves ; Tvede, Mich. / General equilibrium without utility functions : how far to go?. In: Economic Theory. 2010 ; Vol. 45, No. 1-2. pp. 201-225.

Bibtex

@article{29b418b0aeb011df825b000ea68e967b,
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, general equilibrium, non-ordered preferences, equilibrium manifold, natural projection, demand functions",
author = "Yves Balasko and Mich Tvede",
note = "JEL classification: C62, D11, D51",
year = "2010",
doi = "10.1007/s00199-009-0496-3",
language = "English",
volume = "45",
pages = "201--225",
journal = "Economic Theory",
issn = "0938-2259",
publisher = "Springer",
number = "1-2",

}

RIS

TY - JOUR

T1 - General equilibrium without utility functions

T2 - how far to go?

AU - Balasko, Yves

AU - Tvede, Mich

N1 - JEL classification: C62, D11, D51

PY - 2010

Y1 - 2010

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 - general equilibrium

KW - non-ordered preferences

KW - equilibrium manifold

KW - natural projection

KW - demand functions

U2 - 10.1007/s00199-009-0496-3

DO - 10.1007/s00199-009-0496-3

M3 - Journal article

VL - 45

SP - 201

EP - 225

JO - Economic Theory

JF - Economic Theory

SN - 0938-2259

IS - 1-2

ER -

ID: 21520766