Accinelli, Elvio and Covarrubias, Enrique (2014): Smooth economic analysis for general spaces of commodities.

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Abstract
This paper provides an extended framework to study general equilibrium theory with commodity spaces possibly of infinite dimensions. Our approach overcomes some difficulties found in the literature since it allows the study of the equilibrium when consumption sets may have an empty interior. It also overcomes the need for separable utilities or utilities that satisfy quadratic concavity. The results are based on restricting the mathematical notions of open neighborhoods, continuity, and derivatives at a point, to only those directions that lie within the positive cone. We prove in this setting ``directional'' equivalents of the SardSmale and Preimage Theorems. With these tools, we define the social equilibrium set and show that it is a directional Banach manifold. Together with a suitable definition of projection map, this framework allows a natural equivalent to infinite dimensions of the ``catastrophic'' approach to general economic equilibrium.
Item Type:  MPRA Paper 

Original Title:  Smooth economic analysis for general spaces of commodities 
Language:  English 
Keywords:  determinacy; equilibrium manifold: positive cone 
Subjects:  C  Mathematical and Quantitative Methods > C6  Mathematical Methods ; Programming Models ; Mathematical and Simulation Modeling > C62  Existence and Stability Conditions of Equilibrium D  Microeconomics > D5  General Equilibrium and Disequilibrium > D51  Exchange and Production Economies D  Microeconomics > D5  General Equilibrium and Disequilibrium > D53  Financial Markets G  Financial Economics > G1  General Financial Markets > G12  Asset Pricing ; Trading Volume ; Bond Interest Rates 
Item ID:  53222 
Depositing User:  Enrique Covarrubias 
Date Deposited:  27 Jan 2014 09:07 
Last Modified:  27 Sep 2019 20:12 
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URI:  https://mpra.ub.unimuenchen.de/id/eprint/53222 