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The Second Welfare Theorem with public goods in general economies
(Universidad de Chile, Facultad de Economía y Negocios, 2010)
In this paper we prove a general version of the Second Welfare Theorem
for a non-convex and non-transitive economy, with public goods and other
externalities in consumption. For this purpose we use the sub-gradient to
the ...
Two additions to Lucas's 'inflation and welfare'
(Escola de Pós-Graduação em Economia da FGV, 2004-04-01)
This work adds to Lucas (2000) by providing analytical solutions to two problems that are solved only numerically by the author. The first part uses a theorem in control theory (Arrow' s sufficiency theorem) to provide ...
Moral hazard and general equilibrium in large economies
(2001)
The paper analyzes a two period general equilibrium model with individual risk, aggregate uncertainty and moral hazard. There is a large number of households, each facing two individual states of nature in the second period. ...
Non-marked options, non-existence of equilibria, and non-linear prices
(Academic Press Inc., 2004)
This paper presents a surprising example that shows that the lattice theoretic properties in Mas-Colell's (1986) seminal work are relevant to the existence of equilibrium even when the commodity space is finite dimensional. ...
Non-marketed options, non-existence of equilibria, and non-linear prices
(Academic Press Inc Elsevier Science, 2004-02)
This paper presents a surprising example that shows that the lattice theoretic properties in Mas-Colell's (1986) seminal work are relevant to the existence of equilibrium even when the commodity space is finite dimensional. ...
Supporting weakly Pareto optimal allocations in infinite dimensional nonconvex economies
(SPRINGER, 2006-11)
In this paper, we prove a new version of the Second Welfare Theorem for economies with a finite number of agents and an infinite number of commodities, when the preference correspondences are not convex-valued and/or when ...
Equilibrio general en dimensión infinita
(Udelar - FI., 2019)
Este trabajo está dedicado el estudio de la Teoría de Equilibrio General en economías de intercambio de dimensión infinita. Para ello, se intenta caracterizar las principales dificultades que aparecen en este contexto y, ...
El óptimo paretiano y los teoremas fundamentales del bienestar social: una revisión crítica
(Universidad Nacional de Colombia - Sede Medellín - Facultad de Ciencias Humanas y Económicas - Departamento de Economía, 2017-07-01)
En el presente se hace una revisión crítica de los teoremas fundamentales del bienestar, referentes de la política pública, esto con el objetivo de mostrar la inoperatividad práctica de la teoría y los problemas internos ...
A nonconvex separation property and some applications
(SPRINGER, 2006-08)
In this paper we proved a nonconvex separation property for general sets which coincides with the Hahn-Banach separation theorem when sets are convexes. Properties derived from the main result are used to compute the ...
Arrow's impossibility theorem is not so impossible and Condorcet's paradox is not so paradoxical: the adequate definition of a social choice problem
(Universidad de los Andes, Facultad de Economía, CEDE, 2005)
In this article, we do two things: first, we present an alternative and simplified proof of the known fact that cardinal individual utility functions are necessary, but not sufficient, and that interpersonal comparability ...