Local strict envy-freeness in large economies
AbstractThis paper proposes a concept of local strict envy-freeness (LS-envy-freeness), which is a local version of Zhou's (1992) strict envy-freeness, and investigates its implications in large economies. In spite of the weakness of this concept, it works effectively by combining with efficiency. It is shown that an LS-envy-free and efficient allocation is a strict envy-free allocation. That is, efficiency expands the local version of strict envy-freeness into strict envy-freeness. Therefore, the set of LS-envy-free and efficient allocations coincides with the set of equal-income Walrasian allocations.
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Bibliographic InfoArticle provided by Elsevier in its journal Mathematical Social Sciences.
Volume (Year): 59 (2010)
Issue (Month): 3 (May)
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Web page: http://www.elsevier.com/locate/inca/505565
Local strict envy-freeness Equal-income Walrasian allocation Efficiency Large economy;
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