This paper presents another definition of substitutes and complements. It follows a dual approach using the Luenberger's benefit function. The benefit function measures the amount of a reference bundle that an individual would be willing to give up to move from a given utility level to any...

We study a trading process for a pure exchange economy with overlapping generations. This process is based on the maximization, at each stage, of a collective benefit (or surplus). We show that this process converges to a Pareto-optimal allocation. This extends the second fundamental convergence...

Available characterizations of the various notions of stochastic dominance concern continuous random variables. Yet, discrete random variables are often used either in pedagogical presentations of stochastic dominance or in experimental tests of this notion. This note provides complete...

This paper presents another definition of substitutes and complements. It follows a dual approach using the Luenberger's benefit function. The benefit function measures the amount of a reference bundle that an individual would be willing to give up to move from a given utility level to any...

The proposition 1 of our paper "On the differentiability of the benefit function" (Economics Bulletin, March, 24) is incorrect under the assumption 1. We provide two alternative versions of this assumption under which the statement of proposition 1 holds true.

The purpose of this note is to study first a notion of a surplus function that originates in the work of [Boiteux, M., 1951. Le Revenu Distribuable et les Pertes Économiques. Econometrica 112-133] and to rely upon this notion to study dual Pareto efficiency in an exchange economy. This...

The proposition 1 of our paper "On the differentiability of the benefit function" (Economics Bulletin, March, 24) is incorrect under the assumption 1. We provide two alternative versions of this assumption under which the statement of proposition 1 holds true.

The benefit function, introduced by Luenberger, provides a tool for well-defined cardinal comparisons of different bundles of goods. It also allows to study in an orignal way optimal consumers and firms choices, Pareto-optimality etc... In this note we prove that the benefit function is...

The benefit function, introduced by Luenberger, provides a tool for well-defined cardinal comparisons of different bundles of goods. It also allows to study in an orignal way optimal consumers and firms choices, Pareto-optimality etc... In this note we prove that the benefit function is...