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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| Formato: | article |
| Lenguaje: | EN |
| Publicado: |
SpringerOpen
2021
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| Materias: | |
| Acceso en línea: | https://doaj.org/article/1d50e6992a0249d48a6fc88200aa870f |
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