On the structure of the equilibrium price set of overlapping-generations economies

Manuel Santos, Jerry L. Bona

Research output: Contribution to journalArticle

7 Citations (Scopus)

Abstract

This paper is concerned with generic properties of the set of price equilibria of overlapping-generations economies that include money. It is shown (in a C1 topology) that if generations live for m periods and if there are n goods available in each period, then most economies will feature equilibrium price sets of dimension at most (m-1)n. It is likewise shown that for every k that ranges between 0 and (m-1)n there are open sets of economies which possess locally k-dimensional, C1 manifolds of equilibria. In the process of establishing these facts, a transversality theorem is proved which applies to maps, not necessarily Fredholm, between open subsets of non-separable, infinite-dimensional spaces.

Original languageEnglish (US)
Pages (from-to)209-230
Number of pages22
JournalJournal of Mathematical Economics
Volume18
Issue number3
DOIs
StatePublished - 1989
Externally publishedYes

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Overlapping Generations
Topology
Generic Property
Transversality
Infinite-dimensional Spaces
Nonseparable
Open set
Subset
Theorem
Range of data
Equilibrium price
Overlapping generations

ASJC Scopus subject areas

  • Economics and Econometrics
  • Applied Mathematics

Cite this

On the structure of the equilibrium price set of overlapping-generations economies. / Santos, Manuel; Bona, Jerry L.

In: Journal of Mathematical Economics, Vol. 18, No. 3, 1989, p. 209-230.

Research output: Contribution to journalArticle

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