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 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.

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