TY - JOUR
T1 - Global analysis and economics III. Pareto Optima and price equilibria
AU - Smale, S.
PY - 1974/8
Y1 - 1974/8
N2 - Among other things a global version of the fundamental theorem of welfare economics is proved. One starts with a pure exchange economy with fixed total resources where hypotheses of differentiability, convexity, and monotonicity are made on the utility functions. Let v{inverted} be the set of price equilibria where the initial allocation coincides with the final one. Then the map which assigns to such a price equilibrium, the corresponding allocation is a diffeomorphism (a complete correspondence) between v{inverted} and the set of Pareto Optima. © 1974.
AB - Among other things a global version of the fundamental theorem of welfare economics is proved. One starts with a pure exchange economy with fixed total resources where hypotheses of differentiability, convexity, and monotonicity are made on the utility functions. Let v{inverted} be the set of price equilibria where the initial allocation coincides with the final one. Then the map which assigns to such a price equilibrium, the corresponding allocation is a diffeomorphism (a complete correspondence) between v{inverted} and the set of Pareto Optima. © 1974.
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U2 - 10.1016/0304-4068(74)90002-0
DO - 10.1016/0304-4068(74)90002-0
M3 - RGC 21 - Publication in refereed journal
SN - 0304-4068
VL - 1
SP - 107
EP - 117
JO - Journal of Mathematical Economics
JF - Journal of Mathematical Economics
IS - 2
ER -