Characteristics of good and competitive equilibrium
Bibliographic Data
| ID | 19082373 |
|---|---|
| Authors | Damien Gaumont (0000-0003-3078-7601, corresponding author), Philippe Michel (0000-0001-8455-8332) |
| Year | 2004 |
| Volume | 70 |
| Issue | 3 |
| Pages | 363-368 |
| Publication date | 2004-01-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Recherches économiques de Louvain (JOURNAL) |
| Journal identifiers | ISSN: 0770-4518 • E-ISSN: 1782-1495 |
| Publisher | CAIRN (PUBLISHER) |
| DOI | 10.1017/s0770451800010794 |
| OpenAlex | W2004394773 |
| Language | EN |
| References cited | 3 |
We analyse the consequences of a change of the characteristics of goods due to new information on the equilibrium of a pure exchange economy with n goods and m agents. Some changes of the characteristics of goods à la Lancaster have a positive effect on utility. In the general competitive equilibrium, some agents gain but others may lose. Nevertheless there is an increase of a linear combination of the utilities of the agents. The different possibilities of gains and losses are explicitly analysed in an example with two goods and two agents
Competitive equilibrium · Economics · Exchange economy · General equilibrium theory · Intermediate good · Mathematical economics · Microeconomics · Economic theories and models · Economic Theory and Institutions · Economics of Agriculture and Food Markets
| Citation velocity | historical |
|---|---|
| Highly cited | No |