General eq Flashcards
1
Q
Economy def
A
2
Q
Feasible allocation
A
3
Q
Competitive equilibrium
A
4
Q
Pareto optimal allocation
A
5
Q
First Welfare Theorem
A
6
Q
Assumptions second welfare theorem
A
7
Q
Second welfare theorem
A
8
Q
Arrow securities
A
Assets that allow trading at time t of units of commodity j for units of commodity j’ at time t’
9
Q
Definition of competitive equilibrium of the sequential economy with arrow securities
A
10
Q
Theorem: equivalence of exchange economy and sequencial equilibrium economies
A
11
Q
Welfare theorems and the representative household
A
