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Characterising competitive equilibrium in terms of opportunity

Wednesday 16 October 2013, 1.00PM to 2.00pm

Speaker(s): Robert Sugden, University of East Anglia

Abstract: In previous papers, I have proposed the Opportunity Criterion as a normative criterion for assessing economic 'regimes'. Among the virtues of this criterion is that it does not presuppose that individuals have coherent preferences. I have shown that every competitive equilibrium (defined in a way that does not assume coherent preferences) satisfies the Opportunity Criterion. In this paper, I ask whether competitive equilibrium is the *only* regime that satisfies the Opportunity Criterion. I show that, in a sufficiently 'large' economy, only a very restricted class of regimes satisfy the Opportunity Criterion, and that these regimes are in a certain sense 'like' competitive equilibrium.

Location: ARRC Auditorium (A/RC/014)