منابع مشابه
Competitive Equilibrium
This report includes a modern account of welfare economics and competitive equilibrium theory. In particular, competitive, or Walrasian, equilibrium is defined. Moreover, existence, optimality, and uniqueness are demonstrated. However, no reliable mechanism for computing equilibrium prices is suggested. At this stage, the problem shifts from the realm of economics to an algorithmic problem in c...
متن کاملCompetitive Equilibrium and Societal Welfare 1. General Competitive Equilibrium
1. GENERAL COMPETITIVE EQUILIBRIUM 1.1. Economic system. An economic system is a collection of consumers, firms, and products and the environment in which they make decisions. We summarize this information as follows. 1.1.1. The economic environment. The actions taken by any agent depend on the opportunities presented to that agent. These opportunities depend on the economic environment of the ...
متن کاملCompetitive Equilibrium Under Uncertainty
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متن کاملCompetitive Equilibrium with Indivisibilities
This paper studies an exchange economy with a nite number of agents in which each agent is initially endowed with a nite number of (personalized) indivisible commodities. We observe that the equivalence theorem of the core and the competitive equilibrium may not hold for this economy when the coalitional form game is generated in the standard manner. We provide an alternative de nition of the c...
متن کاملCompetitive Equilibrium when Preferences
We show the existence of a competitive equilibrium in an economy with many consumers whose preferences may change over time. The demand correspondence of an individual consumer is determined by the set of subgameperfect equilibrium outcomes in his or her intrapersonal game. For additively separable preferences with continuous period utility functions that are unbounded above, this demand corres...
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ژورنال
عنوان ژورنال: Economics Letters
سال: 1984
ISSN: 0165-1765
DOI: 10.1016/0165-1765(84)90175-7