Market equilibria and money
Abstract By the first welfare theorem, competitive market equilibria belong to the core and hence are Pareto optimal. Letting money be a commodity, this paper turns these two inclusions around. More precisely, by generalizing the second welfare theorem we show that the said solutions may coincide as...
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2021
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oai:doaj.org-article:1d50e6992a0249d48a6fc88200aa870f2021-11-21T12:14:24ZMarket equilibria and money10.1186/s13663-021-00705-42730-5422https://doaj.org/article/1d50e6992a0249d48a6fc88200aa870f2021-11-01T00:00:00Zhttps://doi.org/10.1186/s13663-021-00705-4https://doaj.org/toc/2730-5422Abstract By the first welfare theorem, competitive market equilibria belong to the core and hence are Pareto optimal. Letting money be a commodity, this paper turns these two inclusions around. More precisely, by generalizing the second welfare theorem we show that the said solutions may coincide as a common fixed point for one and the same system. Mathematical arguments invoke conjugation, convolution, and generalized gradients. Convexity is merely needed via subdifferentiablity of aggregate “cost”, and at one point only. Economic arguments hinge on idealized market mechanisms. Construed as algorithms, each stops, and a steady state prevails if and only if price-taking markets clear and value added is nil.Sjur Didrik FlåmSpringerOpenarticleConjugationConvexityConvolutionFixed pointGeneralized gradientsCompetitive equilibriumApplied mathematics. Quantitative methodsT57-57.97AnalysisQA299.6-433ENFixed Point Theory and Algorithms for Sciences and Engineering, Vol 2021, Iss 1, Pp 1-18 (2021) |
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DOAJ |
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EN |
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Conjugation Convexity Convolution Fixed point Generalized gradients Competitive equilibrium Applied mathematics. Quantitative methods T57-57.97 Analysis QA299.6-433 |
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Conjugation Convexity Convolution Fixed point Generalized gradients Competitive equilibrium Applied mathematics. Quantitative methods T57-57.97 Analysis QA299.6-433 Sjur Didrik Flåm Market equilibria and money |
| description |
Abstract By the first welfare theorem, competitive market equilibria belong to the core and hence are Pareto optimal. Letting money be a commodity, this paper turns these two inclusions around. More precisely, by generalizing the second welfare theorem we show that the said solutions may coincide as a common fixed point for one and the same system. Mathematical arguments invoke conjugation, convolution, and generalized gradients. Convexity is merely needed via subdifferentiablity of aggregate “cost”, and at one point only. Economic arguments hinge on idealized market mechanisms. Construed as algorithms, each stops, and a steady state prevails if and only if price-taking markets clear and value added is nil. |
| format |
article |
| author |
Sjur Didrik Flåm |
| author_facet |
Sjur Didrik Flåm |
| author_sort |
Sjur Didrik Flåm |
| title |
Market equilibria and money |
| title_short |
Market equilibria and money |
| title_full |
Market equilibria and money |
| title_fullStr |
Market equilibria and money |
| title_full_unstemmed |
Market equilibria and money |
| title_sort |
market equilibria and money |
| publisher |
SpringerOpen |
| publishDate |
2021 |
| url |
https://doaj.org/article/1d50e6992a0249d48a6fc88200aa870f |
| work_keys_str_mv |
AT sjurdidrikflam marketequilibriaandmoney |
| _version_ |
1718419111476723712 |