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Экономическое Равновесие И Оптимум
[Economic Equilibrium and the Optimum]

Author

Listed:
  • Polterovich, Victor

Abstract

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.

Suggested Citation

  • Polterovich, Victor, 1973. "Экономическое Равновесие И Оптимум [Economic Equilibrium and the Optimum]," MPRA Paper 22359, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:22359
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    File URL: https://mpra.ub.uni-muenchen.de/22359/1/MPRA_paper_22359.pdf
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    Citations

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    Cited by:

    1. Ivan Boldyrev & Olessia Kirtchik, 2014. "General Equilibrium Theory behind the Iron Curtain: The Case of Victor Polterovich," History of Political Economy, Duke University Press, vol. 46(3), pages 435-461, Fall.
    2. Igor Evstigneev & Guillaume Carlier, 2001. "On Dynkin's model of economic equilibrium under uncertainty," Economics Bulletin, AccessEcon, vol. 3(12), pages 1-8.

    More about this item

    Keywords

    equilibrium allocations; axiomatic approach; Pareto optimality; homogenous utility functions;
    All these keywords.

    JEL classification:

    • D5 - Microeconomics - - General Equilibrium and Disequilibrium

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