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Limited Arbitrage Is Necessary And Sufficient For The Existence Of A Competitive Equilibrium
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Book Synopsis Limited Arbitrage is Necessary and Sufficient for the Existence of a Competitive Equilibrium by : Graciela Chichilnisky
Download or read book Limited Arbitrage is Necessary and Sufficient for the Existence of a Competitive Equilibrium written by Graciela Chichilnisky and published by . This book was released on 1992 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Limited Arbitrage is Necessary and Sufficient for the Existence of an Equilibrium by : Graciela Chichilnisky
Download or read book Limited Arbitrage is Necessary and Sufficient for the Existence of an Equilibrium written by Graciela Chichilnisky and published by . This book was released on 2010 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Chichilnisky (Working Paper No. 586, 1991), Chichilnisky (Working Paper No. 650, 1992) and Chichilnisky (Economic Theory, 1995, 5, 79-108), I introduced the concept of a global cone and used it to define a condition on endowments and preferences, 'limited arbitrage', which 1 showed to be necessary and sufficient for the existence of a competitive equilibrium. In response to a comment (Monteiro et al., Journal of Mathematical Economics, 1997, 26, 000-000), I show here that the authors misunderstood my results by focusing on brief announcements which cover other areas, social choice (Chichilnisky, American Economic Review, 1994, 427-434 and algebraic topology (Chichilnisky, Bulletin of the American Mathematical Society, 1993, 29, 189-207), rather than on the publication which contains my proofs on equilibrium. The comment's example is irrelevant to my results in Chichilnisky (Economic Theory, 1995, 5, 79-108) because it starts from different conditions. Limited arbitrage is always necessary and sufficient for the existence of a competitive equilibrium, with or without short sales, with the global cones as I defined them, and exactly as proved in Chichilnisky (Economic Theory, 1995. 5, 79-108).
Book Synopsis Limited Arbitrage is Necessary and Sufficient for the Existence of a Competitive Equilibrium With Or Without Short Sales by : Graciela Chichilnisky
Download or read book Limited Arbitrage is Necessary and Sufficient for the Existence of a Competitive Equilibrium With Or Without Short Sales written by Graciela Chichilnisky and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A condition of limited arbitrage is defined on the endowments and the preferences of the traders in an Arrow-Debreu economy. Theorem 1 establishes that limited arbitrage is necessary and sufficient for the existence of the competitive equilibrium in markets with or without short sales. Limited arbitrage bounds utility arbitrages. the diversity of the traders in the economy, and the gains from trade which they can afford from initial endowments (Proposition 2); it is related to but nonetheless different from the no-arbitrage condition used in finance. Theorem 2 establishes that an Arrow-Debreu economy has a competitive equilibrium if and only if every one of its subeconomies with N I traders does, where N is the number of commodities. Limited arbitrage has been shown elsewhere to be equivalent to the existence of the core [16], to the contractibility of spaces of preferences and to the existence of continuous anonymous social choice rules which respect unanimity.
Book Synopsis A Unified Perspective on Resource Allocation by : Graciela Chichilnisky
Download or read book A Unified Perspective on Resource Allocation written by Graciela Chichilnisky and published by . This book was released on 1995 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Limited Arbitage is Necessary and Sufficient for the Existence of a Competitive Equilibrium and the Core, and Limits Voting Cycles by : Graciela Chichilnisky
Download or read book Limited Arbitage is Necessary and Sufficient for the Existence of a Competitive Equilibrium and the Core, and Limits Voting Cycles written by Graciela Chichilnisky and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A close connection between the theory of competitive markets, game theory, and Arrow's impossibility theorem is given by limited arbitrage, a condition originally defined on the preferences and endowments of the traders of an Arrow-Debreu economy in Chichilnisky (l99I, l993b, l994, 1995). This condition limits the traders' diversity, and is shown here to bound their mutually beneficial gains from trade. Limited arbitrage is necessary and sufficient for the existence of an Arrow Debreu equilibrium (see also Chichilnisky. 1991, l993b, 1994, I995), and for the existence of the core (see also Chichilnisky, 1993d); it is also necessary and sufficient for the elimination of Condorcet cycles on allocations involving large utility values. Condorcet cycles are the basis for the cyclical behavior of voting rules and a building block of Arrow's impossibility theorem, so that limited arbitrage appears to be at the core of social choice theory.
Book Synopsis A Unified Treatment of Finite and Infinite Economies by : Graciela Chichilnisky
Download or read book A Unified Treatment of Finite and Infinite Economies written by Graciela Chichilnisky and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A single condition, limited arbitrage, is shown to be necessary and sufficient for the existence of a competitive equilibrium and the core in economies with any number of markets, finite or infinite, with or without short sales. This extends earlier results of Chichilnisky for finite economies. This unification of finite and infinite economies is achieved by proving that in Hilbert spaces limited arbitrage is necessary and sufficient for the compactness of the Pareto frontier . Limited arbitrage has also been shown to be necessary and sufficient for a resolution of the social choice paradox.
Book Synopsis A Unified Perspective on Resource Allocation by : David O. Beim
Download or read book A Unified Perspective on Resource Allocation written by David O. Beim and published by . This book was released on 1992 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis A Topological Invariant for Competitive Markets by : Graciela Chichilnisky
Download or read book A Topological Invariant for Competitive Markets written by Graciela Chichilnisky and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper summarizes the concepts of global cones and limited arbitrage introduced in Chichilnisky (Economic Theory, 1995, 5, 79-108), and the corresponding results establishing that limited arbitrage is necessary and sufficient for the existence of a competitive equilibrium and for the compactness of Pareto frontier (announced in Chichilnisky (American Economic Review, 1992, 84, 427-434, and Chichilnisky (Bulletin of the American Mathematical Society, 1993, 29, l89-207). Using the same global cones I extend my earlier results to encompass 'mixed economies' based on Chichilnisky (CORE Discussion Paper No. 9527, 1995). I introduce a topological invariant for competitive markets which deepens the Eoncept of limited arbitrage. This invariant encodes exact information on the equilibria and on the social diversity of the economy and all its subeconomies, and predicts a failure of effective demand.
Book Synopsis Limited Arbitrage and Uniqueness of Equilibrium in Strictly Regular Economies by : Graciela Chichilnisky
Download or read book Limited Arbitrage and Uniqueness of Equilibrium in Strictly Regular Economies written by Graciela Chichilnisky and published by . This book was released on 1996 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis General Equilibrium by : W. D. A. Bryant
Download or read book General Equilibrium written by W. D. A. Bryant and published by World Scientific. This book was released on 2010 with total page 492 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book focuses on the foundations of general equilibrium theory, more specifically on the existence, uniqueness, stability, optimality and comparative static properties of equilibrium states. It also explores the question of the empirical relevance of equilibrium states. It highlights a series of 'relationship conditions' which are essential for the existence of equilibrium, but appear in optimality results." -- PUBLISHER WEBSITE.
Book Synopsis Arbitrage in Markets with Unbounded Short Sales : Necessary and Sufficient Conditions for Nonemptiness of the Core and Existence of Equilibrium by : Frank H. Page
Download or read book Arbitrage in Markets with Unbounded Short Sales : Necessary and Sufficient Conditions for Nonemptiness of the Core and Existence of Equilibrium written by Frank H. Page and published by . This book was released on 1994 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Topology and Markets by : Graciela Chichilnisky
Download or read book Topology and Markets written by Graciela Chichilnisky and published by American Mathematical Soc.. This book was released on 1998 with total page 124 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume presents the proceedings of a workshop on geometry, topology, and markets held at The Fields Institute. The workshop was attended by eminent mathematicians and financial and economic theorists. Using a topological approach, the volume discusses new mathematics and its applications to social sciences and financial markets. Topics addressed at the workshop included new topological invariants for existence, characterization and computation of market equilibria and their relation to social choice and to other forms of resource allocation, competitive and co-operative systems, algebraic geometry and markets with increasing returns, computational complexity, and stochastic processes and financial markets.
Book Synopsis Topological Social Choice by : Geoffrey Heal
Download or read book Topological Social Choice written by Geoffrey Heal and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The origins of this volume can be traced back to a conference on "Ethics, Economic and Business" organized by Columbia Busi ness School in March of 1993, and held in the splendid facilities of Columbia's Casa Italiana. Preliminary versions of several of the papers were presented at that meeting. In July 1994 the Fields Institute of Mathematical Sciences sponsored a workshop on "Geometry, Topology and Markets": additional papers and more refined versions of the original papers were presented there. They were published in their present versions in Social Choice and Wel fare, volume 14, number 2, 1997. The common aim of these workshops and this volume is to crystallize research in an area which has emerged rapidly in the last fifteen years, the area of topological approaches to social choice and the theory of games. The area is attracting increasing interest from social choice theorists, game theorists, mathematical econ omists and mathematicians, yet there is no authoritative collection of papers in the area. Nor is there any surveyor book to give a perspective and act as a guide to the issues in and contributions to this new area. One of the two aims of this volume is in some measure to play this role: the other aim is of course to present interesting and surprising new results.
Book Synopsis Arbitrage, Equilibrium, and Nonsatiation by :
Download or read book Arbitrage, Equilibrium, and Nonsatiation written by and published by . This book was released on 2004 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Social Choice Re-examined by : Kotaro Suzumura
Download or read book Social Choice Re-examined written by Kotaro Suzumura and published by Springer. This book was released on 1997-10-13 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since World War II the subject of social choice has grown in many and surprising ways. The impossibility theorems have suggested many directions: mathematical characterisations of voting structures satisfying various sets of conditions, the consequences of restricting choice to certain domaines, the relation to competitive equilibrium and the core, and trade-offs among the partial satisfactions of some conditions. The links with classical and modern theories of justice and, in particular, the competing ideas of rights and utilitarianism have shown the power of formal social choice analysis in illuminating the most basic philosophical arguments about the good social life. Finally, the ideals of the just society meet with the play of self interest; social choice mechanisms can lend themselves to manipulation, and the analysis of conditions under which given ideals can be realised under self interest is a political parallel to the welfare economics of the market. The contributors to these volumes focus on these issues at the forefront of current research.
Book Synopsis Handbook of Social Choice and Welfare by : Kenneth Joseph Arrow
Download or read book Handbook of Social Choice and Welfare written by Kenneth Joseph Arrow and published by Gulf Professional Publishing. This book was released on 2002 with total page 686 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of Social Choice and Welfare presents, in two volumes, essays on past and on-going work in social choice theory and welfare economics. The first volume consists of four parts. In Part 1 (Arrovian Impossibility Theorems), various aspects of Arrovian general impossibility theorems, illustrated by the simple majority cycle first identified by Condorcet, are expounded and evaluated. It also provides a critical survey of the work on different escape routes from impossibility results of this kind. In Part 2 (Voting Schemes and Mechanisms), the operation and performance of voting schemes and cost-sharing mechanisms are examined axiomatically, and some aspects of the modern theory of incentives and mechanism design are expounded and surveyed. In Part 3 (structure of social choice rules), the positional rules of collective decision-making (the origin of which can be traced back to a seminal proposal by Borda), the game-theoretic aspects of voting in committees, and the implications of making use of interpersonal comparisons of welfare (with or without cardinal measurability) are expounded, and the status of utilitarianism as a theory of justice is critically examined. It also provides an analytical survey of the foundations of measurement of inequality and poverty. In order to place these broad issues (as well as further issues to be discussed in the second volume of the Handbook) in perspective, Kotaro Suzumura has written an extensive introduction, discussing the historical background of social choice theory, the vistas opened by Arrow's Social Choice and Individual Values, the famous "socialist planning" controversy, and the theoretical and practical significance of social choice theory. The primary purpose of this Handbook is to provide an accessible introduction to the current state of the art in social choice theory and welfare economics. The expounded theory has a strong and constructive message for pursuing human well-being and facilitating collective decision-making. *Advances economists' understanding of recent advances in social choice and welfare *Distills and applies research to a wide range of social issues *Provides analytical material for evaluating new scholarship *Offers consolidated reviews and analyses of scholarship in a framework that encourages synthesis--
Book Synopsis The Economics of the Global Environment by : Graciela Chichilnisky
Download or read book The Economics of the Global Environment written by Graciela Chichilnisky and published by Springer. This book was released on 2017-05-18 with total page 640 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first book combining research on the Global Environment, Catastrophic Risks and Economic Theory and Policy. Modern economic theory originated in the middle of the twentieth century when industrial expansion coupled with population growth led to a voracious use of natural resources and global environmental concerns. It is uncontested that, for the first time in recorded history, humans dominate the planet, changing the planet's atmosphere, its bodies of water, and the complex web of species that makes life on earth. This radical change in circumstances led to rethinking of the foundations of human organization and, in particular, the industrial economy and the economic theory behind it. This book brings together new approaches on multiple levels: environmental sustainability requires rethinking in terms of economic theory and policy as well as the considerations of catastrophic risk and extremal events. Leading experts address questions of economic governance, risk management, policy decision making and distribution across time and space.
