Balasko (1978) shows that in a compact subset of the space of economies, not too many economies can have too many equilibria. We extend Balasko’s result to the whole set of economies for a suitable measure. We show that the measure of economies with a large number of equilibria approaches zero as this number tends to infinity. An analogous result in the infinite-dimensional setting is also established.
Titolo: | Measures of economies with an arbitrarily large number of equilibria | |
Autori: | ||
Data di pubblicazione: | 2012 | |
Rivista: | ||
Abstract: | Balasko (1978) shows that in a compact subset of the space of economies, not too many economies can have too many equilibria. We extend Balasko’s result to the whole set of economies for a suitable measure. We show that the measure of economies with a large number of equilibria approaches zero as this number tends to infinity. An analogous result in the infinite-dimensional setting is also established. | |
Handle: | http://hdl.handle.net/11584/95426 | |
Tipologia: | 1.1 Articolo in rivista |
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