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General Equilibrium Theory of Value$
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Yves Balasko

Print publication date: 2011

Print ISBN-13: 9780691146799

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691146799.001.0001

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The Equilibrium Manifold

The Equilibrium Manifold

(p.47) Chapter 5 The Equilibrium Manifold
General Equilibrium Theory of Value

Yves Balasko

Princeton University Press

This chapter addresses the global structure of the equilibrium manifold E. It starts by motivating these global properties for their economic interest. These global properties can be of a topological nature like pathconnectedness, simple connectedness, and contractibility. They can also take a more practical form like the existence of global coordinate systems for the points of the equilibrium manifold in the same way the points at the surface of the earth can be located through their longitude and latitude. The chapter identifies an important subset of the equilibrium manifold, the set of no-trade equilibria. This enables us to uncover the remarkable structure of the equilibrium manifold as a collection of linear spaces parameterized by the no-trade equilibria. This remarkable structure is then applied to define a global coordinate system for the equilibrium manifold.

Keywords:   general equilibrium model, equilibrium manifold, no-trade equilibria, linear spaces, global coordinate system

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