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
Chapter 6 in Social Choice Re-examined, 1997, pp 121-174 from Palgrave Macmillan
Abstract:
Abstract Social diversity is central to resource allocation. People trade because they are different. Gains from trade and the scope for mutually advantageous reallocation depend on the diversity of the traders’ preferences and endowments. The market owes its existence to the diversity of those who make up the economy.
Keywords: Social Choice; Competitive Equilibrium; Pareto Frontier; Social Diversity; Unify Perspective (search for similar items in EconPapers)
Date: 1997
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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)
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 (1995)
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-25849-9_10
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DOI: 10.1007/978-1-349-25849-9_10
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