Add to ORKGPerhaps the single most enduring theme in economics is that of the social desirability of the competitive mechanism. In its modern form, this theme occurs as the two basic theorems of welfare economics (see, in particular, Arrow). Our central concern in this paper is with the validity of the first of these two theorems—that every competitive equilibrium yields a Pareto optimal allocation—in idealized yet plausible models of intertemporal allocation in a market economy
In a monetary model, it is shown that if there is a unique Pareto inefficient barter equilibrium, th...
A version of the Second Fundamental Theorem of Welfare Economics that applies to a money-free enviro...
We study what features an economic environment might possess, such that it would be Pareto efficient...
Perhaps the single most enduring theme in economics is that of the social desirability of the compet...
Perhaps the single most enduring theme in economics is that of the social desirability of the compet...
Abstract By the first welfare theorem, competitive market equilibria belong to the core and hence ar...
In the Cass, Okuno, and Zilcha (1979), we presented several examples of consumption-loan type models...
Tk competitive equilibrium is defined for an economy with aclub and many identical consumers. In an ...
A competitive market mechanism is a prominent example of a nonbinary social choice rule, typically d...
In our previous paper, "Optimal Allocation of Public Goods...," (1977) we presented a mechanism for ...
A competitive market mechanism is a prominent example of a non-binary social choice rule, typically ...
What is the optimum quantity of money in a society? This paper answers this question both from the p...
We analyze an economy with inside financial assets and outside money. Households have differing rest...
This work presents the optimal resource allocation within a E economy with n goods, I consumers and ...
The purpose of this paper is to consider the use of aggregate money measures of welfare change in ec...
In a monetary model, it is shown that if there is a unique Pareto inefficient barter equilibrium, th...
A version of the Second Fundamental Theorem of Welfare Economics that applies to a money-free enviro...
We study what features an economic environment might possess, such that it would be Pareto efficient...
Perhaps the single most enduring theme in economics is that of the social desirability of the compet...
Perhaps the single most enduring theme in economics is that of the social desirability of the compet...
Abstract By the first welfare theorem, competitive market equilibria belong to the core and hence ar...
In the Cass, Okuno, and Zilcha (1979), we presented several examples of consumption-loan type models...
Tk competitive equilibrium is defined for an economy with aclub and many identical consumers. In an ...
A competitive market mechanism is a prominent example of a nonbinary social choice rule, typically d...
In our previous paper, "Optimal Allocation of Public Goods...," (1977) we presented a mechanism for ...
A competitive market mechanism is a prominent example of a non-binary social choice rule, typically ...
What is the optimum quantity of money in a society? This paper answers this question both from the p...
We analyze an economy with inside financial assets and outside money. Households have differing rest...
This work presents the optimal resource allocation within a E economy with n goods, I consumers and ...
The purpose of this paper is to consider the use of aggregate money measures of welfare change in ec...
In a monetary model, it is shown that if there is a unique Pareto inefficient barter equilibrium, th...
A version of the Second Fundamental Theorem of Welfare Economics that applies to a money-free enviro...
We study what features an economic environment might possess, such that it would be Pareto efficient...