On the fundamental theorems of general equilibrium
type: Item
instance of: scholarly article
title: On the fundamental theorems of general equilibrium
zbMATH Open document ID: 1149.91040
author: Kevin W. S. Roberts
author: Eric Maskin
published in: Economic Theory
publication date: 2008-05-26T00:00:00Z
review text: Given an economy (consumers, preferences, production sets, endowments), defining a generalized competitive mechanism (assigning under conditions to each consumer an income) and using a weakening of Walras' law, then an application of Kakutani's fixed point theorem delivers an equilibrium. From this connections between competitive equilibria and Pareto efficient allocations are proved (first welfare theorem) and also a decentralization theorem (second welfare theorem). Some interesting remarks are added, so for instance, that convexity in decentralization theorems is needed only to show, that an equilibrium exists, it is not required to show, that the equilibrium occurs at the Pareto efficient allocation.
Mathematics Subject Classification ID: 91B50
Mathematics Subject Classification ID: 47H10
Mathematics Subject Classification ID: 91B54
zbMATH DE Number: 5278986
zbMATH Keywords: Equilibrium
zbMATH Keywords: Pareto optimum
zbMATH Keywords: Walras law
zbMATH Keywords: Kakutani fixed point theorem
zbMATH Keywords: Truncated economy
reviewed by: Alfred Göpfert
MaRDI profile type: Publication
full work available at URL: s00199-007-0233-8
OpenAlex ID: W2118242346
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DOI: 10.1007/S00199-007-0233-8
description: scientific article; zbMATH DE number 5278986