A Unified perspective on Resource Allocation : Limited Arbitrage is Necessary and Sufficient for the Existence of a Competitive Equilibrium, the Core and Social Choice.

Different forms of resource allocation - by markets, cooperative games, and by social choice - are unified by one condition, limited arbitrage, which is defined on the endowments and the preferences of the traders of an Arrow Debreu economy. Limited arbitrage is necessary and sufficient for the existence of a competitive equilibrium in economies with or without short sales, and with finitely or infinitely many markets.

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Year of publication:	1996
Authors:	Chichilnisky, G
Institutions:	Department of Economics, School of Arts and Sciences
Subject:	REGULATION \| GENERAL EQUILIBRIUM \| CENTRAL BANKS \| ARBITRATION

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Series:	Discussion Papers.
Type of publication:	Book / Working Paper
Notes:	32 pages
Classification:	D50 - General Equilibrium and Disequilibrium. General ; E58 - Central Banks and Their Policies ; G38 - Government Policy and Regulation
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005162762