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Characteristics of good and competitive equilibrium

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  • Damien GAUMONT

    (Université de Paris 2 et ERMES UMR CNRS)

  • Philippe MICHEL

    (IUF, GREQAM, Université de la Méditerranée , EUREQUA Université de Paris 1, and CORE, Louvain-la-Neuve)

Abstract

We 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 à 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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Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (REL - Recherches Economiques de Louvain) with number 2004035.

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Length: 6
Date of creation: 01 Sep 2004
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Handle: RePEc:ctl:louvre:2004035

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Keywords: Pure exchange economy; Characteristic of goods; Price determination; Pareto efficiency;

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  1. Luski, Israel & Wettstein, David, 1994. "The provision of public goods via advertising : Existence of equilibria and welfare analysis," Journal of Public Economics, Elsevier, Elsevier, vol. 54(2), pages 309-321, June.
  2. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 74, pages 132.
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