a Dipartimento di Matematica, Università degli Studi di Pavia, 27100 Pavia, Italy;b CORE, 34, Voie du Roman Pays, 1348 Louvain-la-Neuve, Belgium;c Eitan Berglas School of Economics, Tel Aviv University, 69978 Tel Aviv, Israel
Abstract:
Two basic properties concerning the dynamic behavior of competitive equilibria of exchange economies with complete markets are derived essentially from the fact that the Walras correspondence has no knots.