This paper introduces, within a general equilibrium setting, an alternate theory of value that provides a value-based characterization of the most important notions of allocative equilibria even in cases where the (Walrasian) uniform price-based characterizations need not be applicable. The value is calculated in terms of the maximum revenue outcome of a discriminatory price auction for divisible goods.
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Length: 37 pages Date of creation: 1998 Date of revision: Handle: RePEc:mlb:wpaper:670
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Find related papers by JEL classification: C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
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