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Optimality of equilibrium of plans, prices and price expectations

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  • GUESNERIE, Roger
  • JAFFRAY, Jean-Yves

Abstract

In the classical model of resource allocation, often called the Arrow-Debreu model, all transactions are determined at the outset; the contracts are final and the history of the economy is in accordance with the initial plans; all possibility of reopening the markets can be dispensed with; it would serve no real purpose.
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Suggested Citation

  • GUESNERIE, Roger & JAFFRAY, Jean-Yves, 1974. "Optimality of equilibrium of plans, prices and price expectations," LIDAM Reprints CORE 196, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvrp:196
    Note: In : J.H. Drèze (ed.), Allocation under Uncertainty: Equilibrium and Optimality. McMillan, 71-86, 1974
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    Cited by:

    1. Marco Celentani & J. Ignacio Conde-Ruiz & Klaus Desmet, 2004. "Endogenous Policy Leads to Inefficient Risk Sharing," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 7(3), pages 758-787, July.
    2. Laurent Thévenot, 1989. "Équilibre et rationalité dans un univers complexe," Revue Économique, Programme National Persée, vol. 40(2), pages 147-198.
    3. Roger Guesnerie & Costas Azariadis, 1982. "Prophéties créatrices et persistance des théories," Revue Économique, Programme National Persée, vol. 33(5), pages 787-806.
    4. Erno Zalai, 1998. "Computable Equilibrium Modelling and Application to Economies in Transition," CERT Discussion Papers 9804, Centre for Economic Reform and Transformation, Heriot Watt University.
    5. Robert Delorme, 1976. "A propos du taux d'actualisation du Plan," Revue Économique, Programme National Persée, vol. 27(1), pages 1-30.
    6. Fratini, Saverio M. & Levrero, Enrico Sergio & Ravagnani, Fabio, 2016. "Price expectations in neo-Walrasian equilibrium models: an overview," MPRA Paper 69515, University Library of Munich, Germany.
    7. Catherine Rouzaud, 1983. "Anticipations rationnelles et information révélée par les prix : une introduction," Revue Économique, Programme National Persée, vol. 34(6), pages 1116-1144.

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