Characterising competitive equilibrium in terms of opportunity

Robert Sugden

No 15-13, Working Paper series, University of East Anglia, Centre for Behavioural and Experimental Social Science (CBESS) from School of Economics, University of East Anglia, Norwich, UK.

Abstract: This paper analyses alternative 'regimes' (i.e. profiles of opportunity sets for individuals) for an exchange economy, without assuming that individuals act on coherent preferences. A Strong Opportunity Criterion is proposed. This extends the requirements of McQuillin and Sugden's (2012) Opportunity Criterion to every set of individuals in an economy. The concept of a ‘market-clearing single-price regime’ (MCSPR), corresponding closely with competitive equilibrium, is defined. It is shown that every MCSPR satisfies the Strong Opportunity Criterion and that, as an economy increases in size, the set of regimes that satisfy the Strong Opportunity Criterion shrinks to the set of MCSPRs.

Keywords: opportunity criterion; competitive equilibrium; behavioural welfare economics (search for similar items in EconPapers)
JEL-codes: D51 D63 (search for similar items in EconPapers)
Date: 2015-07-15
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Related works:
Journal Article: Characterising competitive equilibrium in terms of opportunity (2017)
Working Paper: Characterising competitive equilibrium in terms of opportunity (2014)
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