Pseudomonotone Functions and an Application in the Theory of General Economic Equilibrium
نویسنده
چکیده
In this paper, a strong version of Wald’s Axiom of excess demand functions Z : P ⊂ IR >0 → IR n is introduced, namely “there exists σ > 0 such that p, q ∈ P, qZ(p) − δ ≤ 0, |δ| < σ, and Z(q) 6= Z(p) imply pZ(q) + δ > 0”. We show that Z satisfies the strong version of Wald’s Axiom iff −Z is a s-quasimonotone function introduced in An (2006). Consequently, an excess demand function Z satisfies the strong version of Wald’s Axiom iff −Z is stable with respect to the pseudomonotonicity (i.e., there exists ǫ > 0 such that−Z+a fulfills the pseudomonotonicity for all a ∈ IR satisfying ‖a‖ < ǫ). Some properties on the measure of the strong version of Wald’s Axiom of excess demand functions are presented. This is a joint work with Phan Thanh An.
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