Question: What is the difference between the Walrasian equilibrium allocation and the Pareto optimal (efficient) allocation in the static Arrow-Debreu-McKenzie model?

What is the difference between the Walrasian equilibrium allocation and the Pareto optimal (efficient) allocation in the static Arrow-Debreu-McKenzie model?

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In economics both Walrasian equilibrium and Pareto optimal also known as Pareto efficient allocation ... View full answer

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