Discussion of Chichilnisky’s Paper

  • Nicholas Baigent
Part of the International Economic Association Series book series (IEA)


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.


General Equilibrium Social Choice Cooperative Game Social Welfare Function Social Choice Theory 
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Additional References

  1. Baigent, N. (1984) ‘Preference Proximity and Anonymous Social Choice’, Quarterly Journal of Economics, vol. 102, pp. 161–9.CrossRefGoogle Scholar
  2. Baigent, N. and Huang, P. (1990) ‘Topological Social Choice: Reply to Le Breton and Uriate’, Social Choice and Welfare, vol. 7, pp. 141–6.CrossRefGoogle Scholar
  3. Chichilnisky, C. (1991) ‘Social Choice and the Closed Convergence Topology’, Social Choice and Welfare, vol. 8, pp. 307–17.CrossRefGoogle Scholar
  4. Le Breton, M. and Uriate, J. R. (1990) ‘On the Robustness of the Impossibility Result in the Topological Approach to Social Choice’, Social Choice and Welfare, vol. 7, pp. 131–40.CrossRefGoogle Scholar
  5. Page, F. H., Jr (1992) ‘Securities Markets and General Equilibrium’, The New Palgrave Dictionary of Money and Finance (New York: Stockton Press).Google Scholar
  6. Page, F. H., Jr and Schlesinger, H. (1993) ‘Utility Arbitrage and Asset Prices’, working paper 233, Economics, Finance and Legal Studies, University of Alabama, Tuscaloosa, USA.Google Scholar
  7. Page, F. H., Jr and Wooders, M. (1994) ‘Arbitrage in Markets with Unbounded Short Sales: Necessary and Sufficient Conditions for the Non-Emptiness of the Core and Existence of Equilibrium’, working paper no. 9409, Department of Economics and Institute for Policy Analysis, University of Toronto, Canada.Google Scholar

Copyright information

© International Economic Association 1997

Authors and Affiliations

  • Nicholas Baigent
    • 1
  1. 1.University of GrazAustria

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