Oct 02, 2017 term paper 2

A POSSIBLE EXPLANATION FOR THE INDECENCY MIGHT BE THE FACT THAT THE CONSUMERS ARE NOT ALL ALIVE..

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A possible explanation for the indecency might be the fact that the consumers are not all alive at the same time and therefore some mutually advantageous trades cannot occur. Consider an economy where consumer t receives an endowment of 1 unit of the single consumption good at time t and obtains utility only from consumption at times t and t + 1. All consumers meet at time 0 to trade. What is the equilibrium? Is exigency restored?



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