A topological invariant for competitive markets
总结了全局锥和有限套利的概念，证明有限套利是竞争均衡存在和帕累托前沿紧性的充要条件，并引入一个拓扑不变量来深化有限套利概念，该不变量编码了均衡和社会多样性的精确信息。
This paper summarizes the concepts of global cones and limited arbitrage introduced in Chichilnisky (Economic Theory, 1995, 5, 79–108), and the corresponding results establishing that limited arbitrage is necessary and sufficient for the existence of a competitive equilibrium and for the compactness of Pareto frontier (announced in Chichilnisky (American Economic Review, 1992, 84, 427–434, and Chichilnisky (Bulletin of the American Mathematical Society, 1993, 29, 189–207). Using the same global cones I extend my earlier results to encompass ‘mixed economies’ based on Chichilnisky (CORE Discussion Paper No. 9527, 1995). I introduce a topological invariant for competitive markets which deepens the concept of limited arbitrage. This invariant encodes exact information on the equilibria and on the social diversity of the economy and all its subeconomies, and predicts a failure of effective demand.