Rationalizing allocation data -- a nonparametric Walrasian theory when prices are absent or non-Walrasian (Q1877822)

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.