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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 (1979) The role of money in supporting the Pareto optimality of competitive equilibrium in consumption-loan type models. Journal of Economic Theory, 20 (1). pp. 41-80. ISSN 0022-0531. https://resolver.caltech.edu/CaltechAUTHORS:20171120-163025356

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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.


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https://doi.org/10.1016/0022-0531(79)90062-0DOIArticle
http://www.sciencedirect.com/science/article/pii/0022053179900620PublisherArticle
http://resolver.caltech.edu/CaltechAUTHORS:20171018-152338140Related ItemWorking Paper
Additional Information:Received December 10, 1978. This paper was prepared for the Federal Reserve Bank of Minneapolis Conference on Models of Monetary Economies, held December 7–8, 1978. Research support from the National Science Foundation is gratefully acknowledged. Formerly SSWP 242.
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Record Number:CaltechAUTHORS:20171120-163025356
Persistent URL:https://resolver.caltech.edu/CaltechAUTHORS:20171120-163025356
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Deposited By: Jacquelyn Bussone
Deposited On:21 Nov 2017 18:16
Last Modified:03 Oct 2019 19:05

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