Optimality and Representation of Competitive Equilibria with Time-Dependent Preferences
| Autor: | Pawel Dziewulski |
|---|---|
| Rok vydání: | 2013 |
| Předmět: |
Computer Science::Computer Science and Game Theory
Class (set theory) General equilibrium theory media_common.quotation_subject Economics TheoryofComputation_GENERAL Social Welfare Hyperbolic discounting Representation (mathematics) Welfare Mathematical economics Social welfare function media_common |
| Zdroj: | SSRN Electronic Journal. |
| ISSN: | 1556-5068 |
| Popis: | This paper focuses on the welfare properties of equilibria in exchange economies with time-dependent preferences. We introduce a notion of recursive efficiency and show that any quilibrium allocation is efficient in the sense defined. Therefore, we present a version of the First Fundamental Welfare Theorem for this class of economies. Moreover, we present a social welfare function with maximisers that coincide with recursively efficient allocations, and prove that every equilibrium can be represented by a solution to a social welfare optimisation problem. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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