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Pareto efficiency in the jungle
Houba, Harold; Luttens, Roland Iwan; Weikard, Hans-Peter - 2014
We include initial holdings in the jungle economy of Piccione and Rubinstein (Economic Journal, 2007) in which the unique equilibrium satisfies lexicographic welfare maximization. When we relax assumptions on consumption sets and preferences slightly, equilibria other than lexicographic welfare...
Persistent link: https://www.econbiz.de/10010421741
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Saving Private Pareto
Houba, Harold; Luttens, Roland Iwan; Weikard, Hans-Peter - 2013
We include initial holdings in the jungle economy of Piccione and Rubinstein (Economic Journal, 2007) and relax the assumptions on consumption sets and preferences. We show that initial holdings are irrelevant for lexicographic welfare maximization. Equilibria other than such maximizers can be...
Persistent link: https://www.econbiz.de/10010326389
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Pareto Efficiency in the Jungle
Houba, Harold; Luttens, Roland Iwan; Weikard, Hans-Peter - 2014
We include initial holdings in the jungle economy of Piccione and Rubinstein (Economic Journal, 2007) in which the unique equilibrium satisfies lexicographic welfare maximization. When we relax assumptions on consumption sets and preferences slightly, equilibria other than lexicographic welfare...
Persistent link: https://www.econbiz.de/10010491374
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Pareto Efficiency in the Jungle
Houba, Harold; Luttens, Roland Iwan; Weikard, Hans-Peter - Tinbergen Instituut - 2014
We include initial holdings in the jungle economy of Piccione and Rubinstein (Economic Journal, 2007) in which the unique equilibrium satisfies lexicographic welfare maximization. When we relax assumptions on consumption sets and preferences slightly, equilibria other than lexicographic welfare...
Persistent link: https://www.econbiz.de/10011255490
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Saving Private Pareto
Houba, Harold; Luttens, Roland Iwan; Weikard, Hans-Peter - Tinbergen Instituut - 2013
We include initial holdings in the jungle economy of Piccione and Rubinstein (Economic Journal, 2007) and relax the assumptions on consumption sets and preferences. We show that initial holdings are irrelevant for lexicographic welfare maximization. Equilibria other than such maximizers can be...
Persistent link: https://www.econbiz.de/10011257443
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Saving Private Pareto
Houba, Harold - 2013
We include initial holdings in the jungle economy of Piccione and Rubinstein (Economic Journal, 2007) and relax the assumptions on consumption sets and preferences. We show that initial holdings are irrelevant for lexicographic welfare maximization. Equilibria other than such maximizers can be...
Persistent link: https://www.econbiz.de/10013083795
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Pareto Efficiency in the Jungle
Houba, Harold - 2014
We include initial holdings in the jungle economy of Piccione and Rubinstein (Economic Journal, 2007) in which the unique equilibrium satisfies lexicographic welfare maximization. When we relax assumptions on consumption sets and preferences slightly, equilibria other than lexicographic welfare...
Persistent link: https://www.econbiz.de/10013044804
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Externalities in the Edgeworth Box
Weinrich, Gerd - 2018
The effect of the presence of an externality in a general equilibrium scenario is illustrated in a standard Edgeworth box. Assuming utility functions parameterized by the incidence of the externality and taking into account the resource constraints when deriving agents' indifference curves for...
Persistent link: https://www.econbiz.de/10012938490
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Constrained Suboptimality When Prices are Non-Competitive
Herings, P. Jean-Jacques; Konovalov, Alexander - 2003
The paper addresses the following question: How efficient is the market system in allocating resources if trade takes place at some prices p that are not necessarily competitive? Even though there are many partial answers to this question, an answer that stands comparison to the rigor by which...
Persistent link: https://www.econbiz.de/10014100049
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Chapter 5 The Economic Theory of Gift-Giving: Perfect Substitutability of Transfers and Redistribution of Wealth
Mercier Ythier, Jean - In: Handbook of the economics of giving, altruism and …, (pp. 227-369). 2006
This chapter reviews the theory of the voluntary public and private redistribution of wealth elaborated by economic … analysis in the last forty years or so. The central object of the theory is altruistic gift-giving, construed as benevolent … voluntary redistribution of income or wealth. The theory concentrates on lump-sum voluntary transfers, individual or collective …
Persistent link: https://www.econbiz.de/10014023678