Determinacy and Indeterminacy of Equilibria
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چکیده
This essay discusses work on the determinacy and indeterminacy of equilibrium in models of competitive markets. Determinacy typically refers to situations in which equilibria are finite in number, and local comparative statics can be precisely described. This essay describes basic results on generic determinacy for exchange economies and the general underlying principles, together with various applications and extensions including incomplete financial markets and markets with infinitely many commodities.
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