General Equilibrium Theory (GE) scrutinizes the ability of markets to achieve efficient allocation of resources. Our main purpose is, in the framework to the GE to analyze, the possibility of design a mechanism enabling agents to make independent decisions compatible with social welfare. More...

A stumbling block in the modelling of competitive markets with commodity and price spaces of infinite dimensions, arises from having positive cones with an empty interior. This issue precludes the use of tools of differential analysis, ranging from the definition of a derivative, to the use of...

In this paper we show that in a pure exchange economy where social weights and total resources are fixed there is no possibility to improve the social welfare by means of efficient reallocations of the resources. However, if social weights are not fixed but can be selected from a particular set,...