Characterising competitive equilibrium in terms of opportunity

Sugden, Robert (2017) Characterising competitive equilibrium in terms of opportunity. Social Choice and Welfare, 48 (3). 487–503. ISSN 0176-1714

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      This paper analyses alternative profiles of opportunity sets for individuals in an exchange economy, without assuming that individuals’ choices reveal coherent preferences. It introduces the concept of a ‘market-clearing single-price regime’, representing a profile of opportunity sets consistent with competitive equilibrium. It also proposes an opportunity-based normative criterion, the Strong Opportunity Criterion, which is analogous with the core in preference-based analysis. It shows that every market-clearing single-price regime satisfies the Strong Opportunity Criterion and that, in the limit as an economy is replicated, only such regimes have this property.

      Item Type: Article
      Additional Information: © The Author(s) 2016. This article is distributed under the terms of the Creative Commons Attribution 4.0 International License (, which permits unrestricted use, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made.
      Uncontrolled Keywords: opportunity criterion,competitive equilibrium,behavioural welfare economics
      Faculty \ School: Faculty of Social Sciences > School of Economics
      Depositing User: Pure Connector
      Date Deposited: 15 Dec 2016 00:06
      Last Modified: 09 Apr 2019 11:47
      DOI: 10.1007/s00355-016-1015-7

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