An algebraic index theorem for non-smooth economies |
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Authors: | Gaël Giraud |
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Institution: | BETA, CNRS-UMR 7522, Université Louis Pasteur, 61 Avenue de la Forêt Noire, 67085 Strasbourg Cedex, France |
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Abstract: | In this paper, we prove an existence theorem for equilibria in production economies with increasing returns, which generalizes the classic results on this topic. In particular, we eliminate both the free-disposal assumptions and any smoothness requirements on the boundary of the production sets. For this purpose, we propose a new definition of the topological degree for non-convex-valued correspondences defined on non-smooth topological manifolds. |
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Keywords: | Non-smooth production Topological degree Increasing returns |
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