COWLES FOUNDATION FOR RESEARCH IN ECONOMICS
AT YALE UNIVERSITY

Box 208281
New Haven, CT 06520-8281

COWLES FOUNDATION DISCUSSION PAPER NO. 838

"Valuation and Optimality in Exchange Economies with a Countable Number of Agents"

Charalambos D. Aliprantis, Donald J. Brown and Owen Burkinshaw

June 1987

We present versions of the two fundamental welfare theorems of economics for exchange economies with a countable number of agents and an infinite dimensional commodity space. These results are then specialized to the overlapping generations model.

JEL Classification: 021, 024

Keywords: Welfare theorem, overlapping generations model, Pareto optimality, competitive equilibrium