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Decentralizing Pareto Optimal Edgeworth Allocation: Monique Florenzano
Table of Contents:
I. Preliminaries: Equilibrium and optimality notions for an Economy
1. Economy. Private ownership economy
2. Definition and existence of weakly Pareto Optimal Allocations
3. Definition and existence of Edgeworth equilibria
4. Valuation equilibrium. Equilibrium
It easily follows from all previous definitions that in an exchange economy with an unspecified distribution of resources, a valuation equilibrium allocation is weakly Pareto optimal; in an exchange economy with a specified distributionof resources, an equilibrium allocation is an Edgeworth equilibrium and, consequently, a core allocation and a weakly Parto optimal and individually rational allocation.
III. Supporting Pareto optimal allocations
1. Two preliminary mathematical results, The Riesz-Kantorovich formula
III. Decentralizing Edgeworth equilibria 1. Decentralizing edgrworth equilibria of a proper economy, Decentralizing in prices