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The Role of Money in Supporting the Pareto Optimality of Competitive Equilibrium in Consumption-Loan Type Models

Cass, David and Okuno, Masahiro and Zilcha, Itzhak (1978) The Role of Money in Supporting the Pareto Optimality of Competitive Equilibrium in Consumption-Loan Type Models. Social Science Working Paper, 242. California Institute of Technology , Pasadena, CA. (Unpublished) https://resolver.caltech.edu/CaltechAUTHORS:20171018-152338140

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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.


Item Type:Report or Paper (Working Paper)
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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.
Group:Social Science Working Papers
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Series Name:Social Science Working Paper
Issue or Number:242
Record Number:CaltechAUTHORS:20171018-152338140
Persistent URL:https://resolver.caltech.edu/CaltechAUTHORS:20171018-152338140
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
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Deposited By: Jacquelyn Bussone
Deposited On:19 Oct 2017 18:41
Last Modified:03 Oct 2019 18:54

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