Local disaggregation of negative demand and excess demand functions.
<p>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 standa...
| Prif Awduron: | , , |
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| Fformat: | Journal article |
| Iaith: | English |
| Cyhoeddwyd: |
Elsevier
2007
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| Crynodeb: | <p>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 <em>n</em>/2 + 1 agents are needed for the 'at' decomposition. We ask whether, within the same class, the 'around' decomposition also requires only <em>n</em>/2 + 1 agents.</p> |
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