English, Article, Journal or magazine article edition: Selecting a Unique Competitive Equilibrium with Default Penalties Cheng-Zhong Qin; Martin Shubik

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Bookmark: http://trove.nla.gov.au/version/91924
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Selecting a Unique Competitive Equilibrium with Default Penalties
Author
  • Cheng-Zhong Qin
  • Martin Shubik
Physical Description
  • preprint
Notes
  • The enlargement of the general-equilibrium structure to allow default subject to penalties results in a construction of a simple mechanism for selecting a unique competitive equilibrium. We consider economies for which a common credit money can be applied to uniquely select any competitive equilibrium with suitable default penalties. We identify two classes of such economies. One consists of economies with utility functions being homogeneous of degree 1; the other consists of economies with the number of consumers equal to the number of commodities and traders having quasi-linear utility functions with respect to different commodities.
  • Competitive equilibrium, Credit mechanism, Marginal utility of income, Welfare economics
  • RePEc:cwl:cwldpp:1712
Language
  • English
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