Optimality of Equilibrium of Plans, Prices and Price Expectations

Roger Guesnerie () and Jean-Yves Jaffray

Chapter 5 in Allocation under Uncertainty: Equilibrium and Optimality, 1974, pp 71-86 from Palgrave Macmillan

Abstract: Abstract In the classical model of resource allocation, often called the Arrow-Debreu model, all transactions are determined at the outset; the contracts are final and the history of the economy is in accordance with the initial plans; all possibility of reopening the markets can be dispensed with; it would serve no real purpose.

Keywords: Financial Market; General Equilibrium; Elementary Event; Price System; Bond Market (search for similar items in EconPapers)
Date: 1974
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DOI: 10.1007/978-1-349-01989-2_5

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