Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/150168
Authors: 
Balasko, Yves
Year of Publication: 
2012
Citation: 
[Journal:] Theoretical Economics [ISSN:] 1555-7561 [Volume:] 7 [Year:] 2012 [Issue:] 1 [Pages:] 163-181
Abstract: 
It is shown that two arbitrary equilibria in the general equilibrium model without sign restrictions on endowments can be joined by a continuous equilibrium path that contains at most two critical equilibria. This property is strengthened by showing that regular equilibria having an index equal to one, a necessary condition for stability, can be joined by a path containing no critical equilibrium. These properties follow from the real-algebraic nature of the set of critical equilibria in any fiber of the equilibrium manifold.
Subjects: 
Equilibrium prices
equilibrium manifold
equilibrium path
critical equilibrium
catastrophe
JEL: 
D41
D51
Persistent Identifier of the first edition: 
Creative Commons License: 
https://creativecommons.org/licenses/by-nc/3.0/
Document Type: 
Article

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