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- Title
A New Approach to the Uniqueness of Equilibrium.
- Authors
Grandmont, J.M.; Kirman, A.P.; Neuefeind, W.
- Abstract
The fundamental problem of whether it is likely to have uniqueness of equilibrium is examined. The standard way to demonstrate the likelinesss of some property is to show that it holds generically on an open dense set with respect to some meaningful topology. It is illustrated that for a carefully chosen topology on the space of all economies, which is called y topology, just such a statement is true for the uniqueness of equilibrium. A suggestion that such a statement might be true can be inferred from the result that the number of equilibrium prices is generically odd. An indication is also given about the significance of establishing the uniqueness of equilibrium.
- Subjects
ECONOMICS; ECONOMIC equilibrium; ECONOMIC stabilization; STAGNATION (Economics); SUPPLY &; demand; MARKET equilibrium
- Publication
Review of Economic Studies, 1974, Vol 41, Issue 2, p289
- ISSN
0034-6527
- Publication type
Article
- DOI
10.2307/2296717