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The Equilibrium ManifoldPostmodern Developments in the Theory of General Economic Equilibrium$
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Yves Balasko

Print publication date: 2009

Print ISBN-13: 9780262026543

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262026543.001.0001

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The Equilibrium Equation and Its Geometric Interpretation

The Equilibrium Equation and Its Geometric Interpretation

Chapter:
(p.88) (p.89) 5 The Equilibrium Equation and Its Geometric Interpretation
Source:
The Equilibrium Manifold
Author(s):

Yves Balasko

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262026543.003.0217

This chapter describes a dual formulation of the equilibrium manifold approach. The geometric approach is more powerful than the direct approach of the previous chapters for issues involving the determinateness or the number of equilibria. Besides the technical simplification brought by intersections of sets instead of envelopes of linear manifolds, the geometric approach is efficient because in the definitions of the section and budget manifolds, preferences, individual resources, and total resources play well-differentiated roles. The section manifold B(r) is defined by individual preferences and total resources, whereas the budget manifold A(ω) depends only on the individual endowments ω = (ω1).

Keywords:   equilibrium manifold, equilibrium equation, equilibria, section manifold, budget manifold

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