Asset equilibria in Lp spaces with complete markets: a duality approach
Article Abstract:
The existence, uniqueness and determinacy problems of Arrow-Debreu equilibrium in Lp spaces are analyzed. The case of agents having Von Neuman-Morgenstern utilities is considered. The set of utility weights supporting Pareto optima is used to simplify proof of the existence of an equilibrium in Lp+ and additively separable utilities. The utility set is shown to be closed.
Publication Name: The Journal of Mathematical Economics
Subject: Mathematics
ISSN: 0304-4068
Year: 1996
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Is intertemporial choice theory testable?
Article Abstract:
A study proves that the utility maximization do not have any effect on house hold savings decisions and choices of products in market. The study also presents a testing on individual demand data for consistency with maximum utility functions.
Publication Name: The Journal of Mathematical Economics
Subject: Mathematics
ISSN: 0304-4068
Year: 2004
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