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  • 标题:Pareto’s optimum in models of general economic equilibrium with the asset market
  • 本地全文:下载
  • 作者:Popović Zoran
  • 期刊名称:Economic annals
  • 印刷版ISSN:0013-3264
  • 电子版ISSN:1820-7375
  • 出版年度:2007
  • 卷号:52
  • 期号:173
  • 页码:36-84
  • DOI:10.2298/EKA0773036P
  • 出版社:Faculty of Economics, Belgrade
  • 摘要:

    A model of the general economic equilibrium of sequential structures includes the asset market, where assets are instruments of sequential income redistribution. The model should explain relative prices of commodities, on one hand, and establish the asset pricing as an instrument of income redistribution, on the other, enabling the analysis of sequential income transfers. This paper mainly researches Pareto’s optimum of a defined mathematical model of the general economic equilibrium in both complete and incomplete asset markets. The existence of the latter partly disables an economic system to transfer income through time sequences properly, which results in equilibrium allocations not reaching Pareto’s optimum. .

  • 关键词:general economic equilibrium; dynamic models; complete and incomplete easset markets; Pareto’s optimum
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