debuts of the month likeyoulove
Search our site
Persons Unknown by Susie Steiner Read the opening extract of the brand new Susie Steiner book before its publication on 05/04/2018

Optimality in Infinite Horizon Economies by Anders Borglin, Hans Keiding


Optimality in Infinite Horizon Economies by Anders Borglin, Hans Keiding

Modern welfare economics as it is known today to economists took its final shape with the emergence of the Arrow-Debreu model. The classical conjectures about the beneficient workings of markets together with the converse statement, that optimal (in the sense of Pareto) allocations may be sustained by prices and markets, has laid a firm foundation for further research in welfare economics. But more than that, it has inspired researchers to take up entirely new topics, notably by closer considerations of situations where the assumptions of the original model may seem overly restrictive. One of these new directions has been connected with generalizing the model so that it takes into account the possibility of infinitely many commodities. On the face of it, the idea of an infinity of commodities may seem a mathematical fancy having no real counterpart in economic life. This is not so, however. Quite to the contrary, infinity enters in a very natural way when it is taken into account that economic transactions take place over time. 2 In the Arrow-Debreu formalism, time may be incorporated into the model in a very simple way using dated commodities. Thus two commodities are considered as being different if they are to be delivered at different points of time.

About the Author

Loading other formats...

Book Info

Publication date

1st May 1986


Anders Borglin, Hans Keiding

More books by Anders Borglin, Hans Keiding
Author 'Like for Like'


Springer-Verlag Berlin and Heidelberg GmbH & Co. K an imprint of Springer-Verlag Berlin and Heidelberg GmbH & Co. KG


182 pages


Political economy
International economics



I read new, exciting writers and established authors before publication and there is a great website full of brilliant books and opinions.


Why I love @lovereadinguk? It's in the name - as dedicated lovers of reading, they are perfect matchmakers for helping me find my next read!

Catherine Jenkins

Love Reading - it not only does what it says on the tin, it does it with Jam on!!

Maz Tucker

Lovereading does a stella job in promoting both new and established authors.

Iris Clements

I love Lovereading because of its ability to connect people that love books & unite them in a friendly, stimulating & interesting community.

Megan Olwen William

Hooked on books? Give Lovereading a go - for the chance to discover brilliant books, and to see why our members love it so.

Claire Hill

I recommend Lovereading because you get honest reviews on a whole range of genres-there's something for everyone. It's the only site I need.

Sian Spinney

Lovereading is pitched at just the right level for all the various types of people who enjoy reading in its many forms.

Pam Woodburn