Rationalizing allocation data -- a nonparametric Walrasian theory when prices are absent or non-Walrasian (Q1877822)
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English | Rationalizing allocation data -- a nonparametric Walrasian theory when prices are absent or non-Walrasian |
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Rationalizing allocation data -- a nonparametric Walrasian theory when prices are absent or non-Walrasian (English)
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19 August 2004
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The paper contributes to the general equilibrium theory. Namely to the solution of the problem of conditions on data under which the final consumption allocation can be realized by a Walrasian market, or, the problem of the existence of such prices that maximize the utility, subject to a given budget constraint. The non-parametric Walrasian theory for the allocation data is developed, and it is shown that for them there exist necessary and sufficient conditions to decide whether a given social plan can be supported by prices. The results are derived for a two-agent and \(n\)-good economy with individual endowments and final consumptions. The analysis of the results is extended to more agents in a more general framework.
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General equilibrium
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Walrasian equilibrium
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Non-parametric restrictions
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Quantifier elimination
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Axiom of revealed equilibrium
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Prices
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Allocation data
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