Global analysis and economics III. Pareto Optima and price equilibria

Research output: Journal Publications and Reviews (RGC: 21, 22, 62)21_Publication in refereed journal

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Detail(s)

Original languageEnglish
Pages (from-to)107-117
Journal / PublicationJournal of Mathematical Economics
Volume1
Issue number2
Publication statusPublished - Aug 1974
Externally publishedYes

Abstract

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.