Pareto optima and equilibria when preferences are incompletely known

G. Carlier and R.-A. Dana

Journal of Economic Theory, 2013, vol. 148, issue 4, 1606-1623

Abstract: An exchange economy in which agents have convex incomplete preferences defined by families of concave utility functions is considered. Sufficient conditions for the set of efficient allocations and equilibria to coincide with the set of efficient allocations and equilibria that result when each agent has a utility in her family are provided. Welfare theorems in an incomplete preferences framework therefore hold under these conditions and efficient allocations and equilibria are characterized by first order conditions.

Keywords: Incomplete preferences; Efficient allocations and equilibria (search for similar items in EconPapers)
JEL-codes: C62 D50 D61 D81 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (16)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jetheo:v:148:y:2013:i:4:p:1606-1623

DOI: 10.1016/j.jet.2013.04.014

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