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Pareto optima and equilibria when preferences are incompletely known

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  • G. Carlier
  • R.-A. Dana
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    Abstract

    An exchange economy in which agents have convex incomplete preferences defined by families of concave utility functions is consid- ered. Sufficient conditions for the set of efficient allocations and equi- libria to coincide with the set of efficient allocations and equilibria that result when each agent has a utility in her family are provided. Welfare theorems in an incomplete preferences framework therefore hold under these conditions and efficient allocations and equilibria are characterized by first order conditions.

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    Bibliographic Info

    Paper provided by Department of Research, Ipag Business School in its series Working Papers with number 2014-060.

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    Length: 24 pages
    Date of creation: 06 Jan 2014
    Date of revision:
    Handle: RePEc:ipg:wpaper:2014-060

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    Keywords: incomplete preferences; efficient allocations and equilibria.;

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    22. Sophie Bade, 2005. "Nash equilibrium in games with incomplete preferences," Economic Theory, Springer, vol. 26(2), pages 309-332, 08.
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