Global analysis and economics IV : Finiteness and stability of equilibria with general consumption sets and production |
| |
Authors: | S Smale |
| |
Institution: | University of California, Berkeley, Calif. 94720, U.S.A. |
| |
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 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 and the set of Pareto Optima. |
| |
Keywords: | |
本文献已被 ScienceDirect 等数据库收录! |
|