Representative consumers can be very Pareto inconsistent. We describe a cornmunity, with equal income distribution, where all consumers require 56 % higher aggregate income than the representative consumer requires in order to be compensated for the doubling of a price. Such large inconsistencies are ruled out if the representative consumer is homothetic, or if the consumers' income shares are fixed and all goods are normal. We show that optimality of the income distribution rule is not necessary for Pareto consistency of the representative consumer, and we give a weaker sufficient condition for Pareto consistency in cornmunities with two goods and two consumers.Representative consumer; Optimal income distribution rule; Increasing dispersio...
Abstract: In the tradition of Afriat (1967), Diewert (1973) and Varian (1982), we provide a revealed...
We show that in almost every economy with separable externalities, every competitive equilibrium can...
I identify assumptions under which policies that maximize expected surplus are Pareto Optimal–even w...
Representative consumers can be very Pareto inconsistent. We describe a cornmunity, with equal incom...
This paper derives observable properties of economies with optimal income distribution rules that sp...
This paper is about economies with a representative consumer. In general a representative consumer n...
We consider the problem of allocating an infinitely divisible commodity among a group of agents with...
We consider the problem of allocating an infinitely divisible commodity among a group of agents with...
The Pareto principle is often viewed as a mild requirement compatible with a variety of value judgem...
We show that, under certain regularity conditions, if the distribution of income IS price independen...
We consider the problem of allocating an infinitely divisible commodity among a group of agents with...
We consider the problem of allocating an infinitely divisible commodity among a group of agents with...
2007 We consider the problem of allocating an infinitely divisible commodity among a group of agents...
International audienceWe show that, in a two-period economy with uncertainty in the second period, i...
In a generic competitive economy with constant returns production and "increasing dispersion," marke...
Abstract: In the tradition of Afriat (1967), Diewert (1973) and Varian (1982), we provide a revealed...
We show that in almost every economy with separable externalities, every competitive equilibrium can...
I identify assumptions under which policies that maximize expected surplus are Pareto Optimal–even w...
Representative consumers can be very Pareto inconsistent. We describe a cornmunity, with equal incom...
This paper derives observable properties of economies with optimal income distribution rules that sp...
This paper is about economies with a representative consumer. In general a representative consumer n...
We consider the problem of allocating an infinitely divisible commodity among a group of agents with...
We consider the problem of allocating an infinitely divisible commodity among a group of agents with...
The Pareto principle is often viewed as a mild requirement compatible with a variety of value judgem...
We show that, under certain regularity conditions, if the distribution of income IS price independen...
We consider the problem of allocating an infinitely divisible commodity among a group of agents with...
We consider the problem of allocating an infinitely divisible commodity among a group of agents with...
2007 We consider the problem of allocating an infinitely divisible commodity among a group of agents...
International audienceWe show that, in a two-period economy with uncertainty in the second period, i...
In a generic competitive economy with constant returns production and "increasing dispersion," marke...
Abstract: In the tradition of Afriat (1967), Diewert (1973) and Varian (1982), we provide a revealed...
We show that in almost every economy with separable externalities, every competitive equilibrium can...
I identify assumptions under which policies that maximize expected surplus are Pareto Optimal–even w...