Utility perturbations and the equilibrium price set |
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Authors: | Beth Allen |
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Institution: | University of Pennsylvania, Philadelphia, PA 19104, USA |
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Abstract: | For pure exchange economies in which agents are described by a compact smooth manifold of smooth strictly monotonic and strictly concave utilities, it is shown that, at least generically, the equilibrium price set is a smooth manifold of the same dimension. Given any smooth selection from the equilibrium price manifold and any sufficiently close smooth function, the function is a selection from the equilibrium price correspondence for some manifold of economies close to the original one. In particular, the set of equilibria corresponding to any open neighborhood of an economy contains an open subset of the price simplex. |
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