IDEAS home Printed from https://ideas.repec.org/p/arx/papers/1701.04491.html
   My bibliography  Save this paper

A geometric approach to the transfer problem for a finite number of traders

Author

Listed:
  • Tomohiro Uchiyama

Abstract

We present a complete characterization of the classical transfer problem for an exchange economy with an arbitrary finite number of traders. Our method is geometric, using an equilibrium manifold developed by Debreu, Mas-Colell, and Balasko. We show that for a regular equilibrium the transfer problem arises if and only if the index at the equilibrium is $-1$. This implies that the transfer problem does not happen if the equilibrium is Walras tatonnement stable. Our result generalizes Balasko's analogous result for an exchange economy with two traders.

Suggested Citation

  • Tomohiro Uchiyama, 2017. "A geometric approach to the transfer problem for a finite number of traders," Papers 1701.04491, arXiv.org.
    • Handle: RePEc:arx:papers:1701.04491
    as

    Download full text from publisher

    File URL: http://arxiv.org/pdf/1701.04491
    File Function: Latest version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Mas-Colell,Andreu, 1990. "The Theory of General Economic Equilibrium," Cambridge Books, Cambridge University Press, number 9780521388702.
    2. Debreu, Gerard, 1970. "Economies with a Finite Set of Equilibria," Econometrica, Econometric Society, vol. 38(3), pages 387-392, May.
    3. Yves Balasko, 2009. "The Equilibrium Manifold: Postmodern Developments in the Theory of General Economic Equilibrium," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262026546, April.
    4. ,, 2014. "The transfer problem: A complete characterization," Theoretical Economics, Econometric Society, vol. 9(2), May.
    5. Yves Balasko, 2011. "General Equilibrium Theory of Value," Economics Books, Princeton University Press, edition 1, number 9482.
    6. Balasko, Yves, 1978. "The Transfer Problem and the Theory of Regular Economies," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 19(3), pages 687-694, October.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Chatterji, Shurojit & Kajii, Atsushi, 2023. "Decentralizability of efficient allocations with heterogeneous forecasts," Journal of Economic Theory, Elsevier, vol. 207(C).
    2. Biheng, Noé & Bonnisseau, Jean-Marc, 2015. "Regular economies with ambiguity aversion," Journal of Mathematical Economics, Elsevier, vol. 59(C), pages 24-36.
    3. Van Quy Nguyen, 2020. "Endowments-regarding preferences," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-02966848, HAL.
    4. Van Quy Nguyen, 2020. "Endowments-regarding preferences," Post-Print halshs-02966848, HAL.
    5. Van Quy Nguyen, 2020. "Endowments-regarding preferences," Documents de travail du Centre d'Economie de la Sorbonne 20017, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne.
    6. Accinelli, E. & Muñiz, Humberto, 2021. "Evolution in a General Equilibrium framework," Journal of Mathematical Economics, Elsevier, vol. 96(C).
    7. Stefano Matta, 2021. "A note on local uniqueness of equilibria: How isolated is a local equilibrium?," Papers 2103.04968, arXiv.org.
    8. ,, 2014. "The transfer problem: A complete characterization," Theoretical Economics, Econometric Society, vol. 9(2), May.
    9. Schlee, Edward E., 2013. "Radner’s cost–benefit analysis in the small: An equivalence result," Economics Letters, Elsevier, vol. 120(3), pages 570-572.
    10. Nguyen, Van-Quy, 2021. "Endowment-regarding preferences," Journal of Mathematical Economics, Elsevier, vol. 94(C).
    11. repec:hal:pseose:halshs-01185486 is not listed on IDEAS
    12. Jean-Marc Bonnisseau & Orntangar Nguenamadji, 2013. "Discrete Walrasian exchange process," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 52(3), pages 1091-1100, April.
    13. Vladimir Gligorov, 2016. "The Transfer and Adjustment Problems in the Balkans," wiiw Balkan Observatory Working Papers 125, The Vienna Institute for International Economic Studies, wiiw.
    14. P. Jean-Jacques Herings & Herakles Polemarchakis, 2006. "Pareto Improving Price Regulation when the Asset Market is Incomplete," Studies in Economic Theory, in: Christian Schultz & Karl Vind (ed.), Institutions, Equilibria and Efficiency, chapter 12, pages 225-244, Springer.
    15. Bonnisseau, Jean-Marc & Nguenamadji, Orntangar, 2010. "On the uniqueness of local equilibria," Journal of Mathematical Economics, Elsevier, vol. 46(5), pages 623-632, September.
    16. Hens, Thorsten & Pilgrim, Beate, 2004. "Sunspot Equilibria and the Transfer Paradox," Discussion Papers 2004/14, Norwegian School of Economics, Department of Business and Management Science.
    17. Richard Simmons & Paolo Dini & Nigel Culkin & Giuseppe Littera, 2021. "Crisis and the Role of Money in the Real and Financial Economies—An Innovative Approach to Monetary Stimulus," JRFM, MDPI, vol. 14(3), pages 1-28, March.
    18. Charalambos Aliprantis & Kim Border & Owen Burkinshaw, 1996. "Market economies with many commodities," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 19(1), pages 113-185, March.
    19. João Correia da Silva & Carlos Hervés-Beloso, 2012. "Existence and generic efficiency of equilibrium in two-period economies with private state-verification," FEP Working Papers 443, Universidade do Porto, Faculdade de Economia do Porto.
    20. W D A Bryant, 2009. "General Equilibrium:Theory and Evidence," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 6875, December.
    21. Rui Pascoa, Mario & Ribeiro da Costa Werlang, Sergio, 1999. "Determinacy of equilibria in nonsmooth economies," Journal of Mathematical Economics, Elsevier, vol. 32(3), pages 289-302, November.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:arx:papers:1701.04491. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: arXiv administrators (email available below). General contact details of provider: http://arxiv.org/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.