Benefit functions and duality

Article Abstract:

An analysis of the benefit function and duality is presented. The analysis defines the function as an amount which individuals will trade for a specific reference commodity bundle for a chance to change from one utility level to a consumption bundle. It is shown that the duality is complete when convexity properties are valid. In addition, duality makes the benefit function a useful technique for welfare analysis.

Consumption (Economics), Consumer preferences

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Viable prices in financial markets with solvency constraints

Article Abstract:

Research investigating the degrees of viability of a model of securities market characterized by continuous solvency is presented. Particular attention is given to the equivalence between the notions of viability and continuous linear functionals.

Financial markets

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