Rationalizing allocation data -- a nonparametric Walrasian theory when prices are absent or non-Walrasian
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.
scientific article; zbMATH DE number 2092962