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Papers received as of Wed Dec 22 11:17:24 CST 1999.
(To retrieve abstracts without full papers, use e.g.    get 9912001.abs )
 get 3 2.abs 9303001  , e.g., returns multiple papers.

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Paper: ewp-ge/9912001
From: bagdon@haas.berkeley.edu
Date: Wed, 16 Feb 2000 11:29:32 -0800

Title: Quadratic Concavity and Determinacy of Equilibrium 
Author: Chris Shannon (University of California, Berkeley) 
and William R. Zame (University of California, Los Angeles) 
Contact:  cshannon@econ.berkeley.edu 
Comments: 56 pages Acrobat.pdf
JEL:  C62, D41, D51, 90
JEL Classification Numbers: C62
EWP References:  none
Report-no:  UCBE99-271
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Abstract: One of the central features of classical models of competitive
markets is the generic determinacy of competitive equilibria. For smooth
economies with a finite number of commodities and a finite number of
consumers, almost all initial endowments admit only a finite number of
competitive equilibria, and these equilibria vary (locally) smoothly
with endowments; thus equilibrium comparative statics are locally
determinate. This paper establishes parallel results for economies with
finitely many consumers and infinitely many commodities. The most
important new condition we introduce, quadratic concavity, rules out
preferences in which goods are perfect substitutes globally, locally, or
asymptotically. Our framework is sufficiently general to encompass many
of the models that have proved important in the study of continuous-time
trading in financial markets, trading over an infinite time horizon, and
trading of finely differentiated commodities.
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Paper: ewp-ge/9912002
From: bagdon@haas.berkeley.edu
Date: Wed, 16 Feb 2000 12:13:23 -0800

Title: Comparative Statics by Adaptive Dynamics and The Correspondence
Principle 
Author: Federico Echenique (University of California at Berkeley; Universidad
de la Republica Uruguay)  
Contact: fede@econ.berkeley.edu 
Comments: 38 pages Adobe.pdf
JEL:  C61, C62, C72, C73
EWP References:  none
Report-no:  UCB Economics E00-273
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Abstract: This paper formalizes the relation between comparative statics
and the out-of-equilibrium explanation for how a system evolves after a
change in parameters. The paper has two main results. First, an increase
in an exogenous parameter sets of learning dynamics that involve larger
values of the endogenous variables. Second, equilibrium selections that
are not mono- tone increasing in the exogenous variables must be
predicting unstable equilibria. Moreover, under some conditions monotone
comparative statics and stability are equivalent.
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