Valuation and Optimality in Exchange Economies with a Countable Number of Agents

Donald Brown (), Charalambos Aliprantis and Owen Burkinshaw
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Charalambos Aliprantis: IUPUI
Owen Burkinshaw: IUPUI

No 838, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: We present versions of the two fundamental welfare theorems of economics for exchange economies with a countable number of agents and an infinite dimensional commodity space. These results are then specialized to the overlapping generations model.

Keywords: Welfare theorem; overlapping generations model; Pareto optimality; competitive equilibrium (search for similar items in EconPapers)
Pages: 17 pages
Date: 1987-06
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Published in C.D. Aliprantis, K.C. Border and W.A.J. Luxemburg, Positive Operators, Riesz Spaces, and Economics, Springer-Verlag, 1991

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