Measures of economies with an arbitrarily large number of equilibria |
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Authors: | Andrea Loi Stefano Matta |
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Affiliation: | 1. Department of Mathematics and Informatics, University of Cagliari, Cagliari, Italy.;2. Department of Economics, University of Cagliari, Cagliari, Italy. Email: smatta@unica.it |
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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. |
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Keywords: | equilibrium manifold regular economies economies with a large number of equilibria prevalence D50 D51 |
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