Published December 1978
| Submitted
Working Paper
Open
The Role of Money in Supporting the Pareto Optimality of Competitive Equilibrium in Consumption-Loan Type Models
- Creators
- Cass, David
- Okuno, Masahiro
- Zilcha, Itzhak
Chicago
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Abstract
Perhaps the single most enduring theme in economics is that of the social desirability of the competitive mechanism. In its modern form, this theme occurs as the two basic theorems of welfare economics (see, in particular, Arrow). Our central concern in this paper is with the validity of the first of these two theorems—that every competitive equilibrium yields a Pareto optimal allocation—in idealized yet plausible models of intertemporal allocation in a market economy.
Additional Information
This paper has been prepared for the Federal Reserve Bank of Minneapolis Conference on Models of Monetary Economics, held December 7-8, 1978. Research support from the National Science Foundation is gratefully acknowledged. Published as Cass, David, Masahiro Okuno, and Itzhak Zilcha. "The role of money in supporting the Pareto optimality of competitive equilibrium in consumption-loan type models." Journal of Economic Theory 20.1 (1979): 41-80.Attached Files
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Additional details
- Eprint ID
- 82468
- Resolver ID
- CaltechAUTHORS:20171018-152338140
- NSF
- Created
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2017-10-19Created from EPrint's datestamp field
- Updated
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2019-10-03Created from EPrint's last_modified field
- Caltech groups
- Social Science Working Papers
- Series Name
- Social Science Working Paper
- Series Volume or Issue Number
- 242