Application of functional analysis to models of efficient allocation of economic resources
The present paper studies existence and characterization of efficient paths in infinite-horizon economic growth models: the method used is based on techniques of nonlinear functional analysis on Hilbert spaces developed earlier by Chichilnisky. Necessary and sufficient conditions are given for the existence of positive competitive price systems in which the efficient programs maximize present value and intertemporal profit. Approximation of these competitive price systems by strictly positive ones with similar properties is studied. A complete characterization is also given f a class of welfare functions (nonlinear operators defined on consumption paths) for continuity in a weighted L2-norm.
|Date of creation:||1979|
|Date of revision:|
|Publication status:||Published in Journal of Optimization Theory and Applications No. 1.30(1980): pp. 19-32|
|Contact details of provider:|| Postal: |
Web page: http://mpra.ub.uni-muenchen.de
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- McFadden, Daniel, 1975. "An example of the non-existence of Malinvaud prices in a tight economy," Journal of Mathematical Economics, Elsevier, vol. 2(1), pages 17-19, March.
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