Экономическое равновесие и оптимум

Economic Equilibrium and the Optimum

Victor Polterovich
Authors registered in the RePEc Author Service: Виктор Меерович Полтерович

MPRA Paper from University Library of Munich, Germany

Abstract: The paper suggests axiomatic characterization of general equilibrium for a situation where each consumer has a fixed income. Not using any concept of price, we formulate four natural requirements to "fair" or "substantiated" rule of resource allocation , and prove that only equilibrium allocations can meet all the requirements. In fact, it takes place under very restrictive assumptions on consumers' utility functions. Thus, our results include an impossibility theorem.

Keywords: equilibrium allocations; axiomatic approach; Pareto optimality; homogenous utility functions (search for similar items in EconPapers)
JEL-codes: D5 (search for similar items in EconPapers)
Date: 1973
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Published in Economics and Mathematical Methods 5.9(1973): pp. 838-845

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