Generalized Samuelson conditions and welfare theorems for nonsmooth economies

• 成果类型: Article
• 署名作者: Conley, JP; Diamantaras, D
• 署名单位: Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University of Illinois System; University of Illinois Urbana-Champaign
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/0047-2727(94)01492-2
• 发表日期: 1996
• 页码: 137-152
• 关键词: Public goods; Samuelson conditions; efficient allocations; welfare theorems; nonsmooth economies

摘要

We give intuitive Samuelson conditions for a very general class of economies. Smoothness and monotonicity are not required. We provide necessary and sufficient conditions for all Pareto-efficient allocations, including those on the boundary. We prove that if all agents have a cheaper point, the supporting prices fully decentralize the allocation. We also show first and second welfare theorems as corollaries to the characterization of efficient allocations.