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COMPETITIVE EQUILIBRIUM (2) answer(s).
 
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1
ID:   364181


Pareto optimality and productive efficiency in the Overlapping Generations Model: Indian Institute of Management, Calcutta. Working Paper Series: WPS – 162(91) / Bose, Amitava 1991  Grey Literature
Bose, Amitava Grey Literature
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Publication Calcutta, Indian Institute Of Management, 1991.
Description Paperback Volume
Series Indian Institute of Management, Calcutta. Working Paper Series
Summary/Abstract The overlapping generations model is a simple but powerful device for analyzing competitive equilibrium over time. The model is especially suitable for studying questions of intertemporal welfare economics. In the paper that launched the model, Samuelson (1958) demonstrated the existence of a competitive equilibrium that fails the test of Pareto Optimality.
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2
ID:   364343


Unions versus cooperatives: Memorandum from Institute of Economics, University of Oslo. No. 19, September 1990 / Moene, Karl Ove; Wallerstein, Michael   Article
Moene, Karl Ove Article
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Summary/Abstract On one hand, under the standard assumptions, perfectly competitive markets with capatialist ownership maximize the value of output and minimize the costs of production. On the other hand, workers in competitive equilibrium receive the lowest wage for which they are willing to supply labor to the industry.
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