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Local disaggregation of demand and excess demand functions: a new question

Author

Listed:
  • Pierre-André Chiappori

    (University of Chicago)

  • Ivar Ekeland

    (Université Paris-Dauphine)

  • Martin Browning

    (Institute of Economics, University of Copenhagen)

Abstract

The literature on the characterization of aggregate excess and market demand has generated three types of results: global, local, or 'at a point'. In this note, we study the relationship between the last two approaches. We prove that within the class of functions satisfying standard conditions and whose Jacobian matrix is negative semi-definite, only n/2 + 1 agents are needed for the 'at' decomposition. We ask whether, within the same class, the 'around' decomposition also requires only n/2 + 1 agents.

Suggested Citation

  • Pierre-André Chiappori & Ivar Ekeland & Martin Browning, 1999. "Local disaggregation of demand and excess demand functions: a new question," Discussion Papers 99-09, University of Copenhagen. Department of Economics.
    • Handle: RePEc:kud:kuiedp:9909
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    File URL: http://www.econ.ku.dk/english/research/publications/wp/1999/9909.pdf/
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    Cited by:

    1. Momi, Takeshi, 2003. "Excess demand functions with incomplete markets--a global result," Journal of Economic Theory, Elsevier, vol. 111(2), pages 240-250, August.
    2. Dauphin, Anyck & El Lahga, Abdel-Rahmen & Fortin, Bernard & Lacroix, Guy, 2006. "Choix de consommation des ménages en présence de plusieurs décideurs," L'Actualité Economique, Société Canadienne de Science Economique, vol. 82(1), pages 87-118, mars-juin.

    More about this item

    Keywords

    aggregation; market demand functions;

    JEL classification:

    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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