EFFICIENCY PRICES FOR OPTIMAL CONSUMPTION PLANS.
Abstract
An economy is described by a set of feasible consumption plans Y, and a utility function u. Y is assumed to be a convex and compact subset of s+, the nonnegative orthant of s, and u is assumed to be concave, continuous and increasing on s+. It is proven that a point e of Y is optimal if and only if it is competitive. As a by-product one finds that every optimal point is a regular efficient point of Y. It is proven that the regular efficient points of Y are dense in the set of all efficient points of Y.
Document Details
- Document Type
- Technical Report
- Publication Date
- Dec 01, 1968
- Accession Number
- AD0683330
Entities
People
- Bezalel Peleg
Organizations
- Hebrew University of Jerusalem