Local disaggregation of negative demand and excess demand functions.
The literature on the characterization of aggregate excess and market demand has generated three types of results: global, local, or 'at a point'. In this note, we study the relationship between the last two approaches. We prove that within the class of functions satisfying standard conditions and whose Jacobian matrix is negative semi-definite, only n/2 + 1 agents are needed for the 'at' decomposition. We ask whether, within the same class, the 'around' decomposition also requires only n/2 + 1 agents.
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- Not peer reviewed
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- Elsevier BV
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- © 2007 Elsevier Science B.V. All rights reserved. This is a pre-print version.
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