
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) : Peleg,Bezalel
Report Date : DEC 1968
Pagination or Media Count : 11
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 byproduct 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.
Descriptors : (*ECONOMICS, SET THEORY), GAME THEORY, CONVEX SETS, TOPOLOGY, OPTIMIZATION, THEOREMS
Subject Categories : Economics and Cost Analysis
Operations Research
Distribution Statement : APPROVED FOR PUBLIC RELEASE