Thom-Boardman Stratification of Aggregate Excess Demand and Finiteness of Equilibria

12 Pages Posted: 9 Jul 2008 Last revised: 23 Jul 2010

See all articles by Sofia B.S.D. Castro

Sofia B.S.D. Castro

Universidade do Porto - Faculdade de Economia (FEP); Universidade do Porto - Centro de Matemática da Universidade do Porto (CMUP)

Sami F. Dakhlia

University of Tennessee, Chattanooga - Department of Finance

Date Written: December 16, 2008

Abstract

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

Castro, Sofia B.S.D. and Dakhlia, Sami F., Thom-Boardman Stratification of Aggregate Excess Demand and Finiteness of Equilibria (December 16, 2008). Available at SSRN: https://ssrn.com/abstract=1156100 or http://dx.doi.org/10.2139/ssrn.1156100

Sofia B.S.D. Castro

Universidade do Porto - Faculdade de Economia (FEP) ( email )

Rua Dr. Roberto Frias
s/n
4200-464 Porto, 4200-464
Portugal

Universidade do Porto - Centro de Matemática da Universidade do Porto (CMUP) ( email )

Rua do Campo Alegre
Porto
Portugal

Sami F. Dakhlia (Contact Author)

University of Tennessee, Chattanooga - Department of Finance ( email )

TN
United States

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