We show that, in a pure exchange smooth economy, a redistribution of endowments involving singular economies can be supported by a unique and continuous path of supporting equilibrium price vectors if this redistribution is the projection of a path on the equilibrium manifold transversal to the set of critical equilibria.
Structural stability and catastrophes
LOI, ANDREA;MATTA, STEFANO
2012-01-01
Abstract
We show that, in a pure exchange smooth economy, a redistribution of endowments involving singular economies can be supported by a unique and continuous path of supporting equilibrium price vectors if this redistribution is the projection of a path on the equilibrium manifold transversal to the set of critical equilibria.
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