Rationalizing allocation data -- a nonparametric Walrasian theory when prices are absent or non-Walrasian
type: Item
instance of: scholarly article
title: Rationalizing allocation data -- a nonparametric Walrasian theory when prices are absent or non-Walrasian
zbMATH Open document ID: 1086.91041
author: Ruediger Bachmann
published in: Journal of Mathematical Economics
publication date: 2004-08-19T00:00:00Z
review text: 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.
reviewed by: Milan Mareš
Mathematics Subject Classification ID: 91B52
zbMATH DE Number: 2092962
zbMATH Keywords: General equilibrium
zbMATH Keywords: Walrasian equilibrium
zbMATH Keywords: Non-parametric restrictions
zbMATH Keywords: Quantifier elimination
zbMATH Keywords: Axiom of revealed equilibrium
zbMATH Keywords: Prices
zbMATH Keywords: Allocation data
MaRDI profile type: Publication
full work available at URL: j.jmateco.2004.01.003
OpenAlex ID: W1981322581
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DOI: 10.1016/J.JMATECO.2004.01.003
description: scientific article; zbMATH DE number 2092962