Characteristics of good and competitive equilibrium
AbstractWe analyse the consequences of a change of the characteristics of goods due to new information on the equilibrium of a pure exchange economy with n goods and m agents. Some changes of the characteristics of goods Ã la Lancaster have a positive effect on utility. In the general competitive equilibrium, some agents gain but others may lose. Nevertheless there is an increase of a linear combination of the utilities of the agents. The different possibilities of gains and losses are explicitly analysed in an example with two goods and two agents.
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Bibliographic InfoArticle provided by De Boeck Université in its journal Recherches économiques de Louvain.
Volume (Year): 70 (2004)
Issue (Month): 3 ()
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Web page: http://www.cairn.info/revue-recherches-economiques-de-louvain.htm
Other versions of this item:
- Damien GAUMONT & Philippe MICHEL, 2004. "Characteristics of good and competitive equilibrium," Discussion Papers (REL - Recherches Economiques de Louvain) 2004035, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
- D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
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- Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132.
- Luski, Israel & Wettstein, David, 1994. "The provision of public goods via advertising : Existence of equilibria and welfare analysis," Journal of Public Economics, Elsevier, vol. 54(2), pages 309-321, June.
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