search query: @author Balasko, Y. / total: 3
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| Author: | Balasko, Y. |
| Title: | Markets for composite goods |
| Journal: | Journal of Economic Theory
1999 : OCT, VOL. 88:2, p. 310-339 |
| Index terms: | Markets Equilibrium analysis Models Theories |
| Language: | eng |
| Abstract: | The usual assumptions about preferences and production technologies are easily justified when they involve elementary goods. However, it is far less easy to come up with direct justifications when only composite goods are traded. It is shown that the equilibria defined by the equality of supply and demand of composite goods coincide with the Walrasian equilibria of suitably defined economies whose commodity space is the composite commodity space. This shows particularly that the relevance of the general equilibrium model is essentially independent of the level of commodity aggregation. |
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