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Category > Business & Finance Posted 11 Dec 2017 My Price 10.00

an exchange economy in which two goods and two agents

Consider an exchange economy in which there are two goods and two agents. Agent 1 has utility function

u1.x; y/ D ????

p

.x ???? 1=4/2 C .y ???? 1=4/2 and agent 2 has utility function u2.x; y/ D log.x/ C log.y/.

Endowments are ei D .1=2; 1=2/ for i D 1; 2. Show that this economy has a competitive equilibrium

which is not Pareto Optimal. Does this example contradicts the First Welfare eorem?

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CourseLover
(12)
Status NEW Posted 11 Dec 2017 07:12 AM My Price 10.00

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