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Limited Arbitrage and Uniqueness of Equilibrium in Strictly Regular Economies

Chichilnisky, Graciela

In strictly regular economies limited arbitrage is sufficient for the global invertibility of demand, and necessary and sufficient for the uniqueness of equilibrium. This result is established using algebraic topology and holds in economies with short sales, and with finitely or infinitely many markets.

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Academic Units
Economics
Publisher
Department of Economics, Columbia University
Series
Department of Economics Discussion Papers, 9596-21
Published Here
March 3, 2011

Notes

July 1996

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