General equilibrium when economic growth exceeds discounting
成果类型：
Article
署名作者：
Burke, JL
署名单位：
Indiana University System; Indiana University Indianapolis
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.2000.2652
发表日期：
2000
页码：
141-162
关键词：
摘要：
After dropping the standard general-equilibrium assumption that preference orders discount future consumption faster than the economy grows and dropping continuity and weakening utility representation, we establish commodity prices and consumptions that approach approximate equilibrium to within any practical tolerance. The Weizacker-overtaking criterion defines the best-known non-standard-discounting orders we admit over discrete-time. deterministic consumption paths and over continuous-time, stochastic consumption processes. We also perturb preferences to qualify all approximate equilibrium as full equilibrium, thus showing some well-known non-existence examples are singular, and so are inadequate defence of standard assumptions. Classification Numbers: C60, C62. (C) 2000 Academic Press.