Accession Number:

AD0683330

Title:

EFFICIENCY PRICES FOR OPTIMAL CONSUMPTION PLANS.

Descriptive Note:

Research memo.,

Corporate Author:

HEBREW UNIV JERUSALEM (ISRAEL) DEPT OF MATHEMATICS

Personal Author(s):

Report Date:

1968-12-01

Pagination or Media Count:

11.0

Abstract:

An economy is described by a set of feasible consumption plans Y, and a utility function u. Y is assumed to be a convex and compact subset of s, the nonnegative orthant of s, and u is assumed to be concave, continuous and increasing on s. It is proven that a point e of Y is optimal if and only if it is competitive. As a by-product one finds that every optimal point is a regular efficient point of Y. It is proven that the regular efficient points of Y are dense in the set of all efficient points of Y.

Subject Categories:

  • Economics and Cost Analysis
  • Operations Research

Distribution Statement:

APPROVED FOR PUBLIC RELEASE