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: C71 J52 (search for similar items in EconPapers)
Pages: 47 pages
Date: 1996
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Related works:
Chapter: A Unified Perspective on Resource Allocation: Limited Arbitrage is Necessary and Sufficient for the Existence of a Competitive Equilibrium, the Core and Social Choice (1997)
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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