Markets for composite goods
成果类型：
Article
署名作者：
Balasko, Y
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1999.2552
发表日期：
1999
页码：
310-339
关键词：
摘要：
The usual assumptions about preferences and production technologies are easily justified when they involve elementary goods (differentiated by dates, locations, and states of nature). But it is far less easy to come up with direct justifications when only composite goods are traded. We show that the equilibria defined by the equality of supply and demand of composite goods coincide with the Walrasian equilibria of suitably defined economies whose commodity space is the composite commodity space. This shows in particular that the relevance of the general equilibrium model is essentially independent of the level of commodity aggregation. (C) 1999 Academic Press.