A topological invariant for competitive markets

被引:7
作者
Chichilnisky, G [1 ]
机构
[1] Columbia Univ, Low Mem Lib 405, New York, NY 10027 USA
[2] Columbia Univ, Program Informat & Resources, New York, NY 10027 USA
关键词
arbitrage; topology; markets; social diversity; limited arbitrage;
D O I
10.1016/S0304-4068(97)00798-2
中图分类号
F [经济];
学科分类号
02 ;
摘要
This paper summarizes the concepts of global cones and limited arbitrage introduced in Chichilnisky (Economic Theory, 1995, 5, 79-108), and the corresponding results establishing that limited arbitrage is necessary and sufficient for the existence of a competitive equilibrium and for the compactness of Pareto frontier (announced in Chichilnisky (American Economic Review, 1992, 84, 427-434, and Chichilnisky (Bulletin of the American Mathematical Society, 1993, 29, 189-207), Using the same global cones I extend my earlier results to encompass 'mixed economies' based on Chichilnisky (CORE Discussion Paper No. 9527, 1995). I introduce a topological invariant for competitive markets which deepens the concept of limited arbitrage. This invariant encodes exact information on the equilibria and on the social diversity of the economy and all its subeconomies, and predicts a failure of effective demand.
引用
收藏
页码:445 / 469
页数:25
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