Competitive Equilibria with Infinitely Many Commodities (II).
Abstract
In the paper the author studies the characteristics of competitive resource allocation in a production economy in which infinitely many commodities must be allocated. The author establishes conditions sufficient to ensure that a competitive equilibrium exists. It is shown under general conditions that a competitive equilibrium allocates resources Pareto-optimally, and that a Pareto-optimum can be sustained as a competitive equilibrium relative to an appropriate distribution of purchasing power. (Author)
Document Details
- Document Type
- Technical Report
- Publication Date
- Dec 01, 1972
- Accession Number
- AD0755063
Entities
People
- Bernt P. Stigum
Organizations
- University of Wisconsin–Madison