Abstract

http://ssrn.com/abstract=2207733
 
 

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Efficiency and Representation of a General Equilibrium with Time-Dependent Preferences


Paweł Dziewulski


University of Oxford - Department of Economics

November 26, 2013


Abstract:     
This paper focuses on the welfare properties of equilibria in exchange economies with time-dependent preferences. We introduce a notion of recursive efficiency and show that any quilibrium allocation is efficient in the sense defined. Therefore, we present a version of the First Fundamental Welfare Theorem for this class of economies. Moreover, we present a social welfare function with maximisers that coincide with recursively efficient allocations, and prove that every equilibrium can be represented by a solution to a social welfare optimisation problem.

Number of Pages in PDF File: 32

Keywords: time-dependent preferences, general equilibrium, First Fundamental Welfare Theorem, social welfare, hyperbolic discounting

JEL Classification: D51, D60, D91

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Date posted: January 27, 2013 ; Last revised: November 26, 2013

Suggested Citation

Dziewulski, Paweł, Efficiency and Representation of a General Equilibrium with Time-Dependent Preferences (November 26, 2013). Available at SSRN: http://ssrn.com/abstract=2207733 or http://dx.doi.org/10.2139/ssrn.2207733

Contact Information

Paweł Dziewulski (Contact Author)
University of Oxford - Department of Economics ( email )
Manor Road Building
Manor Road
Oxford, OX1 3UQ
United Kingdom
HOME PAGE: http://users.ox.ac.uk/~shil3804/
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