Экономическое Равновесие И Оптимум
[Economic Equilibrium and the Optimum]
AbstractThe paper suggests axiomatic characterization of general equilibrium for a situation where each consumer has a fixed income. Not using any concept of price, we formulate four natural requirements to "fair" or "substantiated" rule of resource allocation , and prove that only equilibrium allocations can meet all the requirements. In fact, it takes place under very restrictive assumptions on consumers' utility functions. Thus, our results include an impossibility theorem.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 22359.
Date of creation: 1973
Date of revision:
Publication status: Published in Economics and Mathematical Methods 5.9(1973): pp. 838-845
equilibrium allocations; axiomatic approach; Pareto optimality; homogenous utility functions;
Find related papers by JEL classification:
- D5 - Microeconomics - - General Equilibrium and Disequilibrium
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- Igor Evstigneev & Guillaume Carlier, 2001. "On Dynkin's model of economic equilibrium under uncertainty," Economics Bulletin, AccessEcon, vol. 3(12), pages 1-8.
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