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The Equilibrium ManifoldPostmodern Developments in the Theory of General Economic Equilibrium$
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Yves Balasko

Print publication date: 2009

Print ISBN-13: 9780262026543

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262026543.001.0001

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The Set of No-Trade Equilibria

The Set of No-Trade Equilibria

(p.45) 3 The Set of No-Trade Equilibria
The Equilibrium Manifold

Yves Balasko

The MIT Press

This chapter exploits the fact that the Arrow–Debreu model describes a process that reallocates the (initial) endowment ω = (ω1) Ω into some (final) allocation x = x1 ? Ω. The importance of these final allocations rests on two grounds: firstly, they are easy to observe; and, secondly, they determine the final utility level of each consumer. The set of final allocations is therefore an important aspect of any allocation process, of the competitive process in particular. This leads to consideration of the vector of net trades at equilibrium.

Keywords:   Arrow–Debreu model, no-trade equilibria, endowment, allocation

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