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Экономическое равновесие и оптимум

By Victor Polterovich


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.

Topics: D5 - General Equilibrium and Disequilibrium
Year: 1973
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