Value theory with personalized trading |
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Authors: | Louis Makowski |
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Institution: | Department of Applied Economics, University of Cambridge, Cambridge CB3 9DE, England |
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Abstract: | This paper extends existing general equilibrium theory to describe the competitive production and allocation of “personalized commodities:” commodities with only one potential buyer or seller. The basic, novel theoretic possibility introduced into value theory with the introduction of personalized trading—the trading of personalized commodities—is that price discrimination over quantity may occur under perfect competition. Theorems on the existence and optimality of competitive equilibria under discriminatory pricing are proved. |
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