No equilibrium in infinite economies: Two examples (Q799227)
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| Language | Label | Description | Also known as |
|---|---|---|---|
| English | No equilibrium in infinite economies: Two examples |
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No equilibrium in infinite economies: Two examples (English)
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1984
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Two examples of an infinite-horizon production economy having two commodities (consumption good and production good), one consumer, and one production set satisfying constant returns to scale are constructed. It is shown for each example that there is a unique optimal allocation but there is no competitive equilibrium. The relation of the examples to various existence theorems is also discussed.
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Pareto optimum
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infinite-horizon production economy
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two commodities
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constant returns to scale
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unique optimal allocation
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no competitive equilibrium
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