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Extension of a theorem of Smale on equilibria for pure exchange economies
Authors:J. H. Van Geldrop
Affiliation:Technological University Eindhoven, Eindhoven, The Netherlands
Abstract:The methods used by Smale in his paper Global Analysis and Economics IIa, seem to be heavily dependent on the hypothesis that utility functions have no critical points. In this paper we prove that the no critical point hypothesis can be dropped and the class of regular economies, for which the equilibria are locally continuous functions of the parameters of the economy, can be extended.
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