Characteristics of good and competitive equilibrium
We analyse the consequences of a change of the characteristics of goods due to new information on the equilibrium of a pure exchange economy with n goods and m agents. Some changes of the characteristics of goods à la Lancaster have a positive effect on utility. In the general competitive equilibrium, some agents gain but others may lose. Nevertheless there is an increase of a linear combination of the utilities of the agents. The different possibilities of gains and losses are explicitly analysed in an example with two goods and two agents.
(This abstract was borrowed from another version of this item.)
Volume (Year): 70 (2004)
Issue (Month): 3 ()
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- Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132.
- Luski, Israel & Wettstein, David, 1994. "The provision of public goods via advertising : Existence of equilibria and welfare analysis," Journal of Public Economics, Elsevier, vol. 54(2), pages 309-321, June.
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