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A Unified perspective on Resource Allocation : Limited Arbitrage is Necessary and Sufficient for the Existence of a Competitive Equilibrium, the Core and Social Choice

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  • Chichilnisky, G

Abstract

Different forms of resource allocation - by markets, cooperative games, and by social choice - are unified by one condition, limited arbitrage, which is defined on the endowments and the preferences of the traders of an Arrow Debreu economy. Limited arbitrage is necessary and sufficient for the existence of a competitive equilibrium in economies with or without short sales, and with finitely or infinitely many markets.

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Bibliographic Info

Paper provided by Columbia University, Department of Economics in its series Discussion Papers with number 1996_29.

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Length: 32 pages
Date of creation: 1996
Date of revision:
Handle: RePEc:clu:wpaper:1996_29

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Keywords: REGULATION; GENERAL EQUILIBRIUM; CENTRAL BANKS; ARBITRATION;

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Cited by:
  1. Fleurbaey, Marc & Suzumura, Kotaro & Tadenuma, Koichi, 2002. "Arrovian Aggregation in Economic Environments: How Much Should We Know About Indifference Surfaces?," Discussion Papers 2002-10, Graduate School of Economics, Hitotsubashi University.
  2. Monteiro, Paulo K. & Page, Frank Jr. & Wooders, Myrna Holtz, 1997. "Arbitrage, equilibrium, and gains from trade: A counterexample," Journal of Mathematical Economics, Elsevier, vol. 28(4), pages 481-501, November.
  3. Graciela Chichilnisky, 1997. "The knowledge revolution," New Economy, Institute for Public Policy Research, vol. 4(2), pages 107-111, 06.
  4. Chichilnisky, Graciela, 1996. "Markets and games: a simple equivalence among the core, equilibrium and limited arbitrage," MPRA Paper 8492, University Library of Munich, Germany.
  5. Wooders, M., 1994. "The Partnered Core of an Economy," UFAE and IAE Working Papers 279.94, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
  6. Chichilnisky, Graciela, 1996. "Markets with endogenous uncertainty: theory and policy," MPRA Paper 8612, University Library of Munich, Germany.
  7. Chichilnisky, Graciela, 1997. "Limited arbitrage is necessary and sufficient for the existence of an equilibrium," Journal of Mathematical Economics, Elsevier, vol. 28(4), pages 470-479, November.

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