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Isn't that really just the same thing as Arrow-Debreau's competitive markets? You can't find an equilibrium w/o concave functions?
by gbolcer 4y ago
Isn't that really just the same thing as Arrow-Debreau's competitive markets? You can't find an equilibrium w/o concave functions?
- guerrilla 4y agoThere's a difference. In markets, all agents do not likely have the same resources (i.e. same number of votes), so it's not a democracy since some people have (sometimes many) more votes than others.