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His
main interest lyed in General Equilibrium Theory and its
reformulation for planning purposes. Along this line we may classify
his dissertation (1966), directed toward the
problem of the possibility of actually computing a solution to the
general equilibrium model. At the time it was not known that such
a solution exists if and only if a certain transformation has a
fixed point, so that the equilibrium problem is logically equivalent
to the determination of such fixed points; this follows from more
recent work in which he has also contributed. Therefore the task
he had set of proving the existence of equilibrium without fixed
point theorems was hopeless. Nevertheless, the proof he devised
contained the elements for the actual computation of a solution
of the model to any degree of accuracy, measured in terms of deviation
of demand from supply. A different proposal for computing such solutions
is contained in his article on "The welfare
adjustment process ..." (1971), but there one is not sure
to obtain the solution in every case.
Problems
of efficiency in a growing competitive economy are analyzed
in "Competencia perfecta y eficiencia ..."
(1973), whereas the effects of explicitly introducing the government
with its tax powers into the picture were explored in "Política
tributaria ..." (1970). Finally, under the category of
publications referring to the analysis of the general equilibrium
model, especially in reference to the chapter on demand theory,
we can mention "On the characterization of aggregate excess
demand" (1974), "A characterization of
community excess demand functions", (1974, in collaboration),
"Homothetic preferences and community excess demand functions",
(1976), and "Implications of Microeconomic Theory
for community excess demand functions" (1977). All refer
to the Sonnenschein conjecture that continuity and Walras's Law
are the only empirical implications of the usual textbook assumptions
of consumer theory. The last publication mentioned provides a survey
of the subject.
A
different line of research is exemplified by "Criterios
de desarrollo económico óptimo" (1968) and "On
the utility of infinite programs ..." (1971)
but remains as yet mainly unpublished except as mimeographed
notes of the Cowles Foundation (1967) {ESTO ESTA OUTDATED}.
It refers to the structure of preference over time, following
ideas originating with Irwing Fisher and Tjalling C. Koopmans, and
the application of special assumptions on preferences such as stationarity
and limited complementarity on the determination of optimal consumption
programs.
In
"Economic Integration, income distribution, and
consumption ..." (1975), jointly with Ana María
Martirena-Mantel, he developed a new rationales for economic integration
with the aim of overcoming a well known and basic dilemma in the
theory of international economic integration (custom unions). This
study finds out, among several other outcomes, that when evaluating
the pure integration benefits from a non-cooperative initial point,
the free trade position remains outside the contract curve, i.e.
it is not optimal to reduce to zero all tarkff barriers to international
trade among member countries.
Outgrowth
from problems analyzed in his course on the Theory of Economic Policy
are "Políticas de estabilización
económica" (1971) and "efectos
de la política de tasas de interés ..." (1972),
the first on stabilization policy, and the second on interest rate
policy.
Another
line of research studies the general equilibrium model from the
point of view of the utility possibilities it allows to the participants
of the market game. Different aspects referred to the representation
of markets by convex utility possibility sets are referred to in
my dissertation, in "Representation of preferences
by concave utility functions" (1969, unpublished), and
in "Non-convexifiable Pareto sets" (1978, with Yakar Kannai).
The solution of the model corresponding to a competitive equilibrium
has been analyzed in "Optimos de bienestar inducidos por el
mercado" (1976), "The linear exchange model and induced
welfare optima" (1976, mimeo, Cowled Foundation), and "Equilibrio
y optimalidad en economias de intercambio lineales" (1978).
Last,
but not least, I would like to mention my interest in putting all
these theoretical constructs to work in an application to the Argentine
economy. Bits and pieces appear mainly in unpublished work, as in
"Un modelo neoclásico de integración
económica" (1965, Instituto Di Tella, mimeo), "Modelo
de corto plazo" (1971, mimeo, Secretaría del CONADE),
and "La utilización de modelos formales
para la planificación económica" (1978).
Also the computational methods have been developed, as in "An
efficient algorithm for the computation of a solution to von Neumann's
model" (1969, mimeo, Instituto Di Tella), and "Un
algoritmo acelerado para la determinación de una solución
de equilibrio económico" (1978, Banco Central de
la República Argentina). Most of
these investigations are still unfinished, pending continuing access
to computing facilities, difficult to obtain in Buenos Aires, but
which will partly be solved next year with the acquisition of a
small computer by the Di Tella institute.
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