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Экономическое Равновесие И Оптимум
[Economic Equilibrium and the Optimum]


Author Info

  • Polterovich, Victor


The 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 Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 22359.

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Date of creation: 1973
Date of revision:
Publication status: Published in Economics and Mathematical Methods 5.9(1973): pp. 838-845
Handle: RePEc:pra:mprapa:22359

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Related research

Keywords: equilibrium allocations; axiomatic approach; Pareto optimality; homogenous utility functions;

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Cited by:
  1. 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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