CFDP 838

Valuation and Optimality in Exchange Economies with a Countable Number of Agents

Author(s): 

Publication Date: June 1987

Pages: 17

Abstract: 

We present versions of the two fundamental welfare theorems of economics for exchange economies with a countable number of agents and an infinite dimensional commodity space. These results are then specialized to the overlapping generations model.

Keywords: 

Welfare theorem, Overlapping generations model, Pareto optimality, Competitive equilibrium

JEL Classification Codes:  021, 024