Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/227888
Authors: 
Xu, Yongsheng
Yoshihara, Naoki
Year of Publication: 
2019
Series/Report no.: 
Working Paper No. 2019-22
Abstract: 
In this paper, we examine the performance of the market mechanism by focusing on whether no one, in the "long-run", can be left behind with technological innovation in the economy. We show that the market mechanism with technological innovation unavoidably leaves some individuals behind. We extend this negative result to a broader class of resource allocation mechanisms.
Subjects: 
dynamic market competition with technological innovation
Hicksian Optimism
the Walrasian allocation rule
Pareto efficiency
individual rationality
JEL: 
D30
D51
D60
O33
P10
P20
P40
Document Type: 
Working Paper

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