Thom-Boardman Stratification of Aggregate Excess Demand and Finiteness of Equilibria
12 Pages Posted: 9 Jul 2008 Last revised: 23 Jul 2010
Date Written: December 16, 2008
The paper establishes that the Thom-Boardman stratification result of singularity theory applies generically to the world of aggregate excess demand (AED) functions. In addition, if AED is analytic, then the number of Walrasian equilibria - including non-regular ones - is finite.
Keywords: Arrow-Debreu, transversality, exchange economy, singularity, critical equilibria
JEL Classification: D50, C62, C02
Suggested Citation: Suggested Citation