On the existence and the structure of the pseudo-equilibrium manifold

Article Abstract:

Theorem 1 provides proof of the existence of a pseudo-equilibrium. Theorem 2 shows that the pseudo-equilibrium manifold differs significantly from the structure of equilibria in economies with complete markets. It contends that the manifold omega of global pseudo-equilibria is a fiber bundle with the topological structure of a one- or two-fold covering space of G(super k,n), the space of k planes in R(super n), where k is the number of assets in the economy and n the number of states of uncertainty. The pseudo-equilibrium manifold omega is demonstrated as not contractible with incomplete markets, in contrast with complete markets where it is always contractible.

Markets (Economics)

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Smooth infinite economies

Article Abstract:

An approach was developed to effectively deal with problems associated with smooth infinite economies. The approach involved consideration of Smale's extension of Sard's theorem and association of market theory to modern Fredholm theory. The approach indicated the possiblity of implementing Sard-Smale's theorem after an excess demand function obtained was a Fredholm map with index zero.

Utility theory, Utility functions

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Some consequences of the unknottedness of the Walrus correspondence

Article Abstract:

The lack of knottedness of the Walrus correspondence helps to explain competitive equilibria behavior.

Walrasian model

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