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Optimality of Equilibrium of Plans, Prices and Price Expectations

In: Allocation under Uncertainty: Equilibrium and Optimality

Author

Listed:
  • Roger Guesnerie

    (Cepremap)

  • Jean-Yves Jaffray

    (Laboratoire D’Économetrie)

Abstract

In the classical model of resource allocation, often called the Arrow-Debreu model, all transactions are determined at the outset; the contracts are final and the history of the economy is in accordance with the initial plans; all possibility of reopening the markets can be dispensed with; it would serve no real purpose.

Suggested Citation

  • Roger Guesnerie & Jean-Yves Jaffray, 1974. "Optimality of Equilibrium of Plans, Prices and Price Expectations," International Economic Association Series, in: Jacques H. Drèze (ed.), Allocation under Uncertainty: Equilibrium and Optimality, chapter 5, pages 71-86, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-01989-2_5
    DOI: 10.1007/978-1-349-01989-2_5
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    Cited by:

    1. Roger Guesnerie & Costas Azariadis, 1982. "Prophéties créatrices et persistance des théories," Revue Économique, Programme National Persée, vol. 33(5), pages 787-806.
    2. Marco Celentani & J. Ignacio Conde-Ruiz & Klaus Desmet, 2004. "Endogenous Policy Leads to Inefficient Risk Sharing," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 7(3), pages 758-787, July.
    3. Robert Delorme, 1976. "A propos du taux d'actualisation du Plan," Revue Économique, Programme National Persée, vol. 27(1), pages 1-30.
    4. Fratini, Saverio M. & Levrero, Enrico Sergio & Ravagnani, Fabio, 2016. "Price expectations in neo-Walrasian equilibrium models: an overview," MPRA Paper 69515, University Library of Munich, Germany.
    5. Erno Zalai, 1998. "Computable Equilibrium Modelling and Application to Economies in Transition," CERT Discussion Papers 9804, Centre for Economic Reform and Transformation, Heriot Watt University.
    6. Catherine Rouzaud, 1983. "Anticipations rationnelles et information révélée par les prix : une introduction," Revue Économique, Programme National Persée, vol. 34(6), pages 1116-1144.
    7. Laurent Thévenot, 1989. "Équilibre et rationalité dans un univers complexe," Revue Économique, Programme National Persée, vol. 40(2), pages 147-198.

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