On the Orientability of the Asset Equilibrium Manifold
نویسنده
چکیده
This paper addresses partly an open question raised in the Handbook of Mathematical economics about the orientability of the pseudo-equilibrium manifold in the basic two-period General Equilibrium with Incomplete markets (GEI) model. For a broad class of explicit asset structures, it is proved that the asset equilibrium space is an orientable manifold if S − J is even. This implies, under the same conditions, the orientability of the pseudo-equilibrium manifold. By a standard homotopy argument, it also entails the index theorem for S − J even. A particular case is Momi’s result, i.e the index theorem for generic endowments and real asset structures if S − J is even. JEL classification : D52
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