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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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

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Graciela Chichilnisky

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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Paper provided by Columbia - Graduate School of Business in its series Papers with number 96-20.

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Length: 47 pages
Date of creation: 1996
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Handle: RePEc:fth:colubu:96-20

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Paper
- Chichilnisky, G, 1996. "A Unified perspective on Resource Allocation : Limited Arbitrage is Necessary and Sufficient for the Existence of a Competitive Equilibrium, the Core and Social Choice," Discussion Papers 1996_29, Columbia University, Department of Economics.

Find related papers by JEL classification:
J52 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - Dispute Resolution: Strikes, Arbitration, and Mediation
C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games

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Chichilnisky, Graciela, 1996. "Markets and games: a simple equivalence among the core, equilibrium and limited arbitrage," MPRA Paper 8492, University Library of Munich, Germany. [Downloadable!]
Chichilnisky, Graciela, 1996. "Markets with endogenous uncertainty: theory and policy," MPRA Paper 8612, University Library of Munich, Germany. [Downloadable!]
Chichilnisky, Graciela, 1998. "The knowledge revolution," MPRA Paper 8891, University Library of Munich, Germany. [Downloadable!]

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