Munich Personal RePEc Archive

Экономическое равновесие и оптимум

Polterovich, Victor (1973): Экономическое равновесие и оптимум. Published in: Economics and Mathematical Methods , Vol. 9, No. 5 (1973): pp. 838-845.

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Abstract

The paper suggests axiomatic characterization of general equilibrium for a situation where each consumer has a fixed income. Not using any concept of price, we formulate four natural requirements to "fair" or "substantiated" rule of resource allocation , and prove that only equilibrium allocations can meet all the requirements. In fact, it takes place under very restrictive assumptions on consumers' utility functions. Thus, our results include an impossibility theorem.

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