Local disaggregation of negative demand and excess demand functions |
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Authors: | Pierre-Andre Chiappori Ivar Ekeland Martin Browning |
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Institution: | 1. Department of Economics, Columbia University, 420 West 118th Street, New York, NY 10027, USA;2. University of British Columbia, Canada;3. Oxford University, UK |
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Abstract: | The literature on the characterization of aggregate excess and market demand has generated three types of results: global, local, or ‘at a point’. In this note, we study the relationship between the last two approaches. We prove that within the class of functions satisfying standard conditions and whose Jacobian matrix is negative semi-definite, only n/2+1 agents are needed for the ‘at’ decomposition. We ask whether, within the same class, the ‘around’ decomposition also requires only n/2+1 agents. |
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Keywords: | D510 |
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