A simple and systematic approach to characterizing the equilibrium set so as to facilitate genericity analysis is presented. The basic idea is to describe the equilibrium set as the intersection of two sets (manifolds), each of which is respectively dependent on each element of the economy parameters. After an expository introduction containing an application of the approach to the standard Walras equilibrium, we investigate some generic properties of the Lindahl equilibrium set under very weak conditions. The approach is also seen to reveal the relation between the benefit principle and the determinacy of the Lindahl equilibrium.
|Number of pages||17|
|Journal||Japanese Economic Review|
|Publication status||Published - 2000|
ASJC Scopus subject areas
- Economics and Econometrics