Universality and Efficiency of Price Mechanism based on an Expansion Possibility of Economies

Material type: 文書・図像類

Author: Shiraishi, Kohzoほか

Publisher: Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University

Publication date: 2016-05

Material Format: Paper

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Note (General)：: In this paper, we axiomatically characterize the universality and efficiency of price mechanism based on an expansion possibility of economic environm...

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Paper

Material Type: 文書・図像類
Title: Universality and Efficiency of Price Mechanism based on an Expansion Possibility of Economies
Author/Editor: Shiraishi, Kohzo
Urai, Ken
Murakami, Hiromi
Author Heading: Shiraishi, Kohzo
https://nrid.nii.ac.jp/nrid/1000080513548
Urai, Ken
https://nrid.nii.ac.jp/nrid/1000000203597
Murakami, Hiromi
https://nrid.nii.ac.jp/nrid/1000080803072
Publication, Distribution, etc.: Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University
Publication Date: 2016-05
Publication Date (W3CDTF): 2016-05
Periodical title: Discussion Papers In Economics And Business
No. or year of volume/issue: 16-10
Volume: 16-10
Pages: 1-9
Text Language Code: eng
Subject Heading: Price Mechanism
Axiomatic Characterization
Informational Efficiency
Universality
Message Mechanism
Cultural Globalization
Target Audience: 一般
Note (General): In this paper, we axiomatically characterize the universality and efficiency of price mechanism based on an expansion possibility of economic environments like trading rtunities, immigrants, agents'consumption sets through the cultural globalization, and so on. Together with some generalized settings like economy dependent message-response structure, we base our argument on the framework of Sonnenschein (1974). In Sonnenschein (1974), the price mechanism is characterized in more specific way than that of Hurwicz (1960), Mount and Reiter (1974), etc. for the informational efficiency problem. His model, however, has an dvantage to describe the universality and efficiency of the price mechanism from the category-theoretic viewpoint through the basic economic tool of the excess demand function. His approach also enables us to characterize the price mechanism through cooperative game theoretic settings like the core quivalence that is closely related to the replica stability axiom of social choice settings like Thomson (1988) and Nagahisa (1994).
Periodical Title (NCID): AA1160366X
https://ci.nii.ac.jp/ncid/AA1160366X
References (URI): URI
http://www2.econ.osaka-u.ac.jp/library/global/dp/1610.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華