Recontracting and competition
We characterize the set of Walrasian allocations of an economy as the set of allocations which can be supported by abstract equilibria that satisfy a recontracting condition which reflects the idea that agents can freely trade with each other. An alternative (and weaker) recontracting condition characterizes the core. The results are extended to production economies by extending the definition of the recontracting condition to include the possibility of agents to recontract with firms. However, no optimization requirement is imposed on firms. In pure exchange economies, an abstract equilibrium is a feasible allocation and a list of choice sets, one for each agent, that satisfy the following conditions: an agent's choice set is a subset of the commodity space that includes his endowment; and each agent's equilibrium bundle is a maximal element in his choice set, with respect to his preferences. The recontracting condition requires that any agent can buy bundles from any other agent's choice set by offering the other agent a bundle he prefers to his equilibrium bundle.
Walrasian Allocations without Price-Taking Behavior
Consider an exchange economy where agents are arbitragers, in that they try to upset allocations imagining plausible beneficial trades. With an introspective algorithm, each agent constructs an interactive choice set (ICS), i.e., a set of bundles that he considers achievable through a sequence of plausible trades with other agents. We show that Walrasian allocations can be characterized as those where each agent chooses optimally from his ICS, which is always contained in a budget set (with differentiability, both sets coincide). Our analysis provides a different behavioral assumption underlying Walrasian allocations, offers an explanation for the source of competitive prices, and connects with the core convergence theorem.
Severe Burns of the Hand: A Practical Guide to Their Management
Abstract Those who work regularly in burns units will be familiar with most of the contents of this paper, but it may be helpful for surgeons who treat hand burns less frequently outside this environment. Several reviews have appeared in recent years and this practical guide is intended to complement these (Salisbury, 1979; Leung and Chow, 1982; Madden and Enna, 1983; Groenevelt and Kreis, 1985; Levine and Buchanan, 1986; Silver, 1987; Grossman, 1990).