Efficiency of competitive equilibria in economies with time-dependent preferences

• 成果类型: Article
• 署名作者: Dziewulski, Pawel
• 署名单位: University of Oxford
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2015.07.003
• 发表日期: 2015
• 页码: 311-325
• 关键词: Time-dependent preferences; competitive equilibrium; First Fundamental Welfare Theorem; hyperbolic discounting

摘要

This paper focuses on welfare properties of equilibria in exchange economies with time-dependent preferences. We reintroduce the notion of time-consistent overall Pareto efficiency proposed by Herings and Rohde (2006) and show that, whenever all agents in the economy are sophisticated, any equilibrium allocation is efficient in this sense. Therefore, we present a version of the First Fundamental Welfare Theorem for this class of economies. (C) 2015 Elsevier Inc. All rights reserved.