1986/07/01 by Alan Kirman, Karl-Josef Koch · 63 citations
Economics, Econometrics and Finance · #Economic theories and models #Economics #Monetary economics
paper · doi:10.2307/2297640
published in The Review of Economic Studies 53(3), 457 (Oxford University Press)
openalex publication_date 1986/07/01 · openalex created_date 2025/10/10 · openalex updated_date 2026/06/16
In this paper we show that up to an arbitrary small neighbourhood of the boundary of the set of prices any given excess demand function can be considered as the excess demand of an economy with any large enough but finite number of individuals having identical preferences. Moreover, the individual endowments can be chosen collinear and in such a way that they yield any arbitrary price independent distribution of relative wealth.