Discussion of Chichilnisky’s Paper
Chichilnisky attempts a unified treatment of existence problems in general equilibrium and social choice theory. More specifically, she presents results showing that a single condition on the set of agents’ preferences — limited arbitrage — is necessary and sufficient for existence in the three areas of general equilibrium, social choice and game theory. What is most interesting is not so much the individual existence results,1 but the fact that a framework (an exchange economy) is presented within which it is shown that the same condition ‘does the job’ in all three areas.
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