Экономическое Равновесие И Оптимум
[Economic Equilibrium and the Optimum]
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.
|Date of creation:||1973|
|Date of revision:|
|Publication status:||Published in Economics and Mathematical Methods 5.9(1973): pp. 838-845|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
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