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Pareto’S Optimum In Models Of General Economic Equilibrium With The Asset Market

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  • Zoran Popović

Abstract

A model of the general economic equilibrium of sequential structures includes the asset market, where assets are instruments of sequential income redistribution. The model should explain relative prices of commodities, on one hand, and establish the asset pricing as an instrument of income redistribution, on the other, enabling the analysis of sequential income transfers. This paper mainly researches Pareto’s optimum of a defined mathematical model of the general economic equilibrium in both complete and incomplete asset markets. The existence of the latter partly disables an economic system to transfer income through time sequences properly, which results in equilibrium allocations not reaching Pareto’s optimum.

Suggested Citation

  • Zoran Popović, 2007. "Pareto’S Optimum In Models Of General Economic Equilibrium With The Asset Market," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 52(173), pages 36-84, April - J.
    • Handle: RePEc:beo:journl:v:52:y:2007:i:173:p:36-84
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    More about this item

    Keywords

    General economic equilibrium; Dynamic models; Complete and incomplete asset markets; Pareto’s optimum;
    All these keywords.

    JEL classification:

    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets
    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution

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