1974 | OriginalPaper | Chapter
Optimality of Equilibrium of Plans, Prices and Price Expectations
Authors : Roger Guesnerie, Jean-Yves Jaffray
Published in: Allocation under Uncertainty: Equilibrium and Optimality
Publisher: Palgrave Macmillan UK
Included in: Professional Book Archive
Activate our intelligent search to find suitable subject content or patents.
Select sections of text to find matching patents with Artificial Intelligence. powered by
Select sections of text to find additional relevant content using AI-assisted search. powered by
In the classical model of resource allocation, often called the Arrow-Debreu model, all transactions are determined at the outset; the contracts are final and the history of the economy is in accordance with the initial plans; all possibility of reopening the markets can be dispensed with; it would serve no real purpose.