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Arrow's "impossibility" and similar classical theorems are usually proved for an unrestricted domain of preference profiles. Recent work extends Arrow's theorem to various restricted but "saturating" domains of privately oriented, continuous, (strictly) convex, and (strictly) monotone "economic...
Persistent link: https://www.econbiz.de/10005305325
Would unrestricted "economic" migration enhance the potential gains from free trade? With free migration, consumers' feasible sets become non-convex. Under standard assumptions, however, Walrasian equilibrium exists for a continuum of individuals with dispersed ability to afford each of a finite...
Persistent link: https://www.econbiz.de/10005157985