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From the same journal

Pareto Optimality and Existence of Quasi-Equilibrium in Exchange Economies with an Indefinite Future

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Pareto Optimality and Existence of Quasi-Equilibrium in Exchange Economies with an Indefinite Future. / Eveson, Simon Patrick; Thijssen, Jacco Johan Jacob.

In: Journal of Mathematical Economics, Vol. 67, 01.12.2016, p. 138-152.

Research output: Contribution to journalArticlepeer-review

Harvard

Eveson, SP & Thijssen, JJJ 2016, 'Pareto Optimality and Existence of Quasi-Equilibrium in Exchange Economies with an Indefinite Future', Journal of Mathematical Economics, vol. 67, pp. 138-152. https://doi.org/10.1016/j.jmateco.2016.09.005

APA

Eveson, S. P., & Thijssen, J. J. J. (2016). Pareto Optimality and Existence of Quasi-Equilibrium in Exchange Economies with an Indefinite Future. Journal of Mathematical Economics, 67, 138-152. https://doi.org/10.1016/j.jmateco.2016.09.005

Vancouver

Eveson SP, Thijssen JJJ. Pareto Optimality and Existence of Quasi-Equilibrium in Exchange Economies with an Indefinite Future. Journal of Mathematical Economics. 2016 Dec 1;67:138-152. https://doi.org/10.1016/j.jmateco.2016.09.005

Author

Eveson, Simon Patrick ; Thijssen, Jacco Johan Jacob. / Pareto Optimality and Existence of Quasi-Equilibrium in Exchange Economies with an Indefinite Future. In: Journal of Mathematical Economics. 2016 ; Vol. 67. pp. 138-152.

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@article{6b594eb7451f44c68c6b068a2b6683a5,
title = "Pareto Optimality and Existence of Quasi-Equilibrium in Exchange Economies with an Indefinite Future",
abstract = "We study the attainability of Pareto optimal allocations and existence of quasi-equilibrium in exchange economies where agents have utility functions that value consumption in an indefinite future. These utility functions allow for fairly general discounting of consumption over finite time horizons, but add a utility weight to the bulk of the consumption sequence, which we identify with the indefinite future. As our commodity space we use the space of all convergent sequences with the limit of the sequence representing consumption in the indefinite future. We derive a necessary and sufficient condition for the attainability of the Pareto optimal allocations. This condition implies that efficiency can only be attained if consumers{\textquoteright} valuations of time are very similar. Our proof relies on the existence of an interior solution to certain infinite dimensional optimization problems. If the condition is not met, no interior quasi-equilibria exist. We extend the model to include consumers with Rawlsian-like maximin utility.",
keywords = "Infinite horizon exchange economy, Non-discounting preferences, Pareto optimality",
author = "Eveson, {Simon Patrick} and Thijssen, {Jacco Johan Jacob}",
note = "{\textcopyright} 2016 Elsevier B.V. This is an author-produced version of the published paper. Uploaded in accordance with the publisher{\textquoteright}s self-archiving policy. Further copying may not be permitted; contact the publisher for details.",
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month = dec,
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doi = "10.1016/j.jmateco.2016.09.005",
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pages = "138--152",
journal = "Journal of Mathematical Economics",
issn = "0304-4068",
publisher = "Elsevier",

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RIS (suitable for import to EndNote) - Download

TY - JOUR

T1 - Pareto Optimality and Existence of Quasi-Equilibrium in Exchange Economies with an Indefinite Future

AU - Eveson, Simon Patrick

AU - Thijssen, Jacco Johan Jacob

N1 - © 2016 Elsevier B.V. This is an author-produced version of the published paper. Uploaded in accordance with the publisher’s self-archiving policy. Further copying may not be permitted; contact the publisher for details.

PY - 2016/12/1

Y1 - 2016/12/1

N2 - We study the attainability of Pareto optimal allocations and existence of quasi-equilibrium in exchange economies where agents have utility functions that value consumption in an indefinite future. These utility functions allow for fairly general discounting of consumption over finite time horizons, but add a utility weight to the bulk of the consumption sequence, which we identify with the indefinite future. As our commodity space we use the space of all convergent sequences with the limit of the sequence representing consumption in the indefinite future. We derive a necessary and sufficient condition for the attainability of the Pareto optimal allocations. This condition implies that efficiency can only be attained if consumers’ valuations of time are very similar. Our proof relies on the existence of an interior solution to certain infinite dimensional optimization problems. If the condition is not met, no interior quasi-equilibria exist. We extend the model to include consumers with Rawlsian-like maximin utility.

AB - We study the attainability of Pareto optimal allocations and existence of quasi-equilibrium in exchange economies where agents have utility functions that value consumption in an indefinite future. These utility functions allow for fairly general discounting of consumption over finite time horizons, but add a utility weight to the bulk of the consumption sequence, which we identify with the indefinite future. As our commodity space we use the space of all convergent sequences with the limit of the sequence representing consumption in the indefinite future. We derive a necessary and sufficient condition for the attainability of the Pareto optimal allocations. This condition implies that efficiency can only be attained if consumers’ valuations of time are very similar. Our proof relies on the existence of an interior solution to certain infinite dimensional optimization problems. If the condition is not met, no interior quasi-equilibria exist. We extend the model to include consumers with Rawlsian-like maximin utility.

KW - Infinite horizon exchange economy

KW - Non-discounting preferences

KW - Pareto optimality

UR - http://www.scopus.com/inward/record.url?scp=84993982003&partnerID=8YFLogxK

U2 - 10.1016/j.jmateco.2016.09.005

DO - 10.1016/j.jmateco.2016.09.005

M3 - Article

VL - 67

SP - 138

EP - 152

JO - Journal of Mathematical Economics

JF - Journal of Mathematical Economics

SN - 0304-4068

ER -