A Unified perspective on Resource Allocation: Limited Arbitrage is Necessary and Sufficient for the Existence of a Competitive Equilibrium, the Core and Social Choice

Graciela Chichilnisky ()

Discussion Papers from Columbia University, Department of Economics

Abstract: Different forms of resource allocation - by markets, cooperative games, and by social choice - are unified by one condition, limited arbitrage, which is defined on the endowments and the preferences of the traders of an Arrow Debreu economy. Limited arbitrage is necessary and sufficient for the existence of a competitive equilibrium in economies with or without short sales, and with finitely or infinitely many markets.

Keywords: REGULATION; GENERAL EQUILIBRIUM; CENTRAL BANKS; ARBITRATION (search for similar items in EconPapers)
JEL-codes: D50 E58 G38 (search for similar items in EconPapers)
Date: 1996

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Working Paper: A Unified Perspective on Resource Allocation: Limited Arbitrage is Necessary and Sufficient for the Existence of a Competitive Equilibrium, the Core and Social Choice (1996)
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