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| Author: | Mandler, M. |
| Title: | Sequential indeterminacy in production economies |
| Journal: | Journal of Economic Theory
1995 : AUG, VOL. 66:2, p. 406-436 |
| Index terms: | ECONOMIC CONDITIONS PRODUCTION SEQUENTIAL ANALYSIS |
| Language: | eng |
| Abstract: | A sequential regularity concept is proposed for intertemporal general equilibrium models: in addition to the intertemporal economy, the economies that endogenously arise through time should also be regular. With linear activities, however, there are open sets of economies that are sequentially indeterminate: economies with a continuum of equilibria appear. Endowments in a measure-zero set are necessary for indeterminacy, but the passage of time allows these endowments to arise robustly. |
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