A Geometric Separation of the Economic Activities of the Agents: The Leading Example

Pascal Stiefenhofer

Discussion Papers from Department of Economics, University of York

Abstract: The paper considers production in a simple two period general equilibrium model with incomplete markets. It shows, by application of convex sets analysis, the separation of economic activities of the agents. The paper improves on Stiefenhofer (2010) by taking a geometric approach to the study of the decentralization theorem. This theorem separates the economic activities of the agents, hence generalizes the objective function of the firm of the Arrow-Debreu model to the case of incomplete markets, where firms are profit maximizers.

Date: 2010-06
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