Classical welfare theorems in economies with the overtaking criterion (Q1825740): Difference between revisions
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scientific article
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | Classical welfare theorems in economies with the overtaking criterion |
scientific article |
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Classical welfare theorems in economies with the overtaking criterion (English)
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1989
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An infinite-horizon exchange economy is considered where there are finitely many consumers who adopt the overtaking criterion. Two concepts of budget constraints are considered - liminf and limsup budget constraints. The first and second welfare theorems are proved under both concepts of the budget constraints.
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infinite-horizon exchange economy
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finitely many consumers
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overtaking criterion
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liminf and limsup budget constraints
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welfare theorems
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