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Undominatedness of Equilibria in a Mixed Economy of Arrow—Debreu Type

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Abstract

We consider a model of economy with two markets for each product: one—state and the other—competitive. Moreover, both markets coexist in the same economic space allowing free movement of goods and means of payment. In particular, it is assumed that the surplus of products purchased at fixed state prices can be sold at free prices of the competitive market. The important feature of the model is that the manufacturing activity is taken into account both in the state and in the competitive market. While most literature on mixed economies is devoted to the issues of existence and Pareto optimality of equilibria, the focus of the present paper is on analyzing their coalition stability. We continue studying the fuzzy cores of mixed economic models of Arrow—Debreu type which was started earlier for the case of high free market prices. New conditions are established for the coincidence of the sets of undominated and equilibrium allocations, covering the cases of low equilibrium prices for some of the products.

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Funding

This author was supported by the Russian Foundation for Basic Research (project no. 19-10-00910) and the Program No. I.5.1 of Fundamental Scientific Research of the Siberian Branch of the Russian Academy of Sciences (project no. 0314-2019-0018).

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Authors and Affiliations

  1. Sobolev Institute of Mathematics, pr. Akad. Koptyuga 4, Novosibirsk, 630090, Russia

    V. A. Vasil’ev

  2. Novosibirsk State University, ul. Pirogova 1, Novosibirsk, 630090, Russia

    V. A. Vasil’ev

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  1. V. A. Vasil’ev
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Correspondence to V. A. Vasil’ev.

Additional information

Russian Text © The Author(s), 2019, published in Diskretnyi Analiz i Issledovanie Operatsii, 2019, Vol. 26, No. 4, pp. 34–55.

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Vasil’ev, V.A. Undominatedness of Equilibria in a Mixed Economy of Arrow—Debreu Type. J. Appl. Ind. Math. 13, 771–785 (2019). https://doi.org/10.1134/S1990478919040197

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  • DOI: https://doi.org/10.1134/S1990478919040197

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