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The number of equilibria of smooth infinite economies with separable utilities

Author

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  • Covarrubias, Enrique
Abstract
We construct an index theorem for smooth infinite economies with separable utilities that shows that generically the number of equilbria is odd. As a corollary, this gives a new proof of existence and gives conditions that guarantee global uniqueness of equilibria.

Suggested Citation

  • Covarrubias, Enrique, 2008. "The number of equilibria of smooth infinite economies with separable utilities," MPRA Paper 11099, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:11099
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    References listed on IDEAS

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    1. Mas-Colell, Andreu, 1991. "Indeterminacy in Incomplete Market Economies," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 1(1), pages 45-61, January.
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    8. Hervé Crès & Tobias Markeprand & Mich Tvede, 2016. "Incomplete financial markets and jumps in asset prices," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 62(1), pages 201-219, June.
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    12. Covarrubias Enrique, 2010. "Regular Infinite Economies," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 10(1), pages 1-21, July.
    13. Araujo, A., 1988. "The non-existence of smooth demand in general banach spaces," Journal of Mathematical Economics, Elsevier, vol. 17(4), pages 309-319, September.
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    16. Mas-Colell, Andreu & Zame, William R., 1991. "Equilibrium theory in infinite dimensional spaces," Handbook of Mathematical Economics, in: W. Hildenbrand & H. Sonnenschein (ed.), Handbook of Mathematical Economics, edition 1, volume 4, chapter 34, pages 1835-1898, Elsevier.
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    Cited by:

    1. Covarrubias, Enrique, 2011. "The equilibrium set of economies with a continuous consumption space," Journal of Mathematical Economics, Elsevier, vol. 47(2), pages 137-142, March.
    2. Covarrubias, Enrique, 2013. "Global invertibility of excess demand functions," MPRA Paper 47300, University Library of Munich, Germany.

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    More about this item

    Keywords

    Uniqueness; determinacy; equilibria; infinite economy; Fredholm map; equilibrium manifold; Banach manifold; index theorem; vector field; Rothe;
    All these keywords.

    JEL classification:

    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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