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Sequential Model of Economic System and Constrained Pareto Optimality

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  • Zoran Popovic
  • Marko Backovic

Abstract

The concept of general economic equilibrium of sequential structures of economic system involves development of the general economic equilibrium model that includes the structure of asset markets. The assets are instruments of income redistribution through the different states of nature of economic system.

Suggested Citation

  • Zoran Popovic & Marko Backovic, 2017. "Sequential Model of Economic System and Constrained Pareto Optimality," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 13(1), pages 141-158.
    • Handle: RePEc:mje:mjejnl:v:13:y:2017:i:1:p:141-158
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    1. Mas-Colell,Andreu, 1990. "The Theory of General Economic Equilibrium," Cambridge Books, Cambridge University Press, number 9780521388702.
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    3. P. Jean-Jacques Herings & Herakles Polemarchakis, 2006. "Pareto Improving Price Regulation when the Asset Market is Incomplete," Studies in Economic Theory, in: Christian Schultz & Karl Vind (ed.), Institutions, Equilibria and Efficiency, chapter 12, pages 225-244, Springer.
    4. John Geanakoplos & Heracles M. Polemarchakis, 1985. "Existence, Regularity, and Constrained Suboptimality of Competitive Allocations When the Asset Market Is Incomplete," Cowles Foundation Discussion Papers 764, Cowles Foundation for Research in Economics, Yale University.
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