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 ()

Working Papers from Columbia - Graduate School of Business

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: ARBITRAGE; SOCIAL CHOICE; ECONOMETRICS; ECONOMIC EQUILIBRIUM (search for similar items in EconPapers)
JEL-codes: J52 C71 (search for similar items in EconPapers)
Date: 1996
View citations in EconPapers

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
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)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:fth:colubu:96-20

Access Statistics for this paper

More papers in Working Papers from Columbia - Graduate School of Business
Address: U.S.A.; COLUMBIA UNIVERSITY, GRADUATE SCHOOL OF BUSINESS, PAINE WEBBER , New York, NY 10027 U.S.A
Contact information at EDIRC.
Series data maintained by Thomas Krichel ().