Advanced Search
MyIDEAS: Login to save this article or follow this journal

Equal rights to trade and mediate

Contents:

Author Info

  • Peter J. Hammond

    ()

Abstract

August 1999 For economies with a fixed finite set of traders, few results characterize Walrasian equilibria by their social choice properties. Pareto efficient allocations typically require lump-sum transfers. Other characterizations based on the core or strategyproofness apply only when, as in continuum economies, agents cannot influence prices strategically. Or the results concern social choice with a variable number of agents. This paper considers allocations granting agents equal rights to choose net trade vectors within a convex cone and, in order to exclude autarky, an additional right to mediate mutually beneficial transactions. Under standard assumptions, these properties characterize Walrasian equilibria without transfers. JEL: Classifications: D63, D50

(This abstract was borrowed from another version of this item.)

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://hdl.handle.net/10.1007/s00355-003-0255-5
Download Restriction: Access to full text is restricted to subscribers.

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Bibliographic Info

Article provided by Springer in its journal Social Choice and Welfare.

Volume (Year): 21 (2003)
Issue (Month): 2 (October)
Pages: 181-193

as in new window
Handle: RePEc:spr:sochwe:v:21:y:2003:i:2:p:181-193

Contact details of provider:
Web page: http://link.springer.de/link/service/journals/00355/index.htm

Order Information:
Web: http://link.springer.de/orders.htm

Related research

Keywords:

Other versions of this item:

Find related papers by JEL classification:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Jordan, J. S., 1982. "The competitive allocation process is informationally efficient uniquely," Journal of Economic Theory, Elsevier, vol. 28(1), pages 1-18, October.
  2. Hammond, Peter J, 1987. "Markets as Constraints: Multilateral Incentive Compatibility in Continuum Economies," Review of Economic Studies, Wiley Blackwell, vol. 54(3), pages 399-412, July.
  3. Sonnenschein, Hugo, 1974. "An Axiomatic Characterization of the Price Mechanism," Econometrica, Econometric Society, vol. 42(3), pages 425-33, May.
  4. Makowski, Louis & Ostroy, Joseph M. & Segal, Uzi, 1999. "Efficient Incentive Compatible Economies Are Perfectly Competitive," Journal of Economic Theory, Elsevier, vol. 85(2), pages 169-225, April.
  5. Champsaur, Paul & Laroque, Guy, 1981. "Fair allocations in large economies," Journal of Economic Theory, Elsevier, vol. 25(2), pages 269-282, October.
  6. Hammond, Peter J. & Kaneko, Mamoru & Wooders, Myrna Holtz, 1989. "Continuum economies with finite coalitions: Core, equilibria, and widespread externalities," Journal of Economic Theory, Elsevier, vol. 49(1), pages 113-134, October.
  7. Schmeidler, David, 1980. "Walrasian Analysis via Strategic Outcome Functions," Econometrica, Econometric Society, vol. 48(7), pages 1585-93, November.
  8. Eric Maskin, 1998. "Nash Equilibrium and Welfare Optimality," Harvard Institute of Economic Research Working Papers 1829, Harvard - Institute of Economic Research.
  9. Madden, Paul, 1978. "Why the Edgeworth Process Assumption Isn't That Bad," Review of Economic Studies, Wiley Blackwell, vol. 45(2), pages 279-83, June.
  10. Mirrlees, James A, 1969. "The Dynamic Nonsubstitution Theorem," Review of Economic Studies, Wiley Blackwell, vol. 36(105), pages 67-76, January.
  11. Mas-Colell, Andreu, 1989. "An equivalence theorem for a bargaining set," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 129-139, April.
  12. Maniquet, Francois, 2001. "On decomposable exchange rules," Economics Letters, Elsevier, vol. 70(3), pages 375-380, March.
  13. Champsaur, Paul & Laroque, Guy, 1982. "A Note on Incentives in Large Economies," Review of Economic Studies, Wiley Blackwell, vol. 49(4), pages 627-35, October.
  14. Hurwicz, Leonid, 1979. "On allocations attainable through Nash equilibria," Journal of Economic Theory, Elsevier, vol. 21(1), pages 140-165, August.
  15. Thomson, William, 1988. "A study of choice correspondences in economies with a variable number of agents," Journal of Economic Theory, Elsevier, vol. 46(2), pages 237-254, December.
  16. Hammond, Peter J, 1979. "Straightforward Individual Incentive Compatibility in Large Economies," Review of Economic Studies, Wiley Blackwell, vol. 46(2), pages 263-82, April.
  17. SCHMEIDLER, David & VIND, Karl, . "Fair net trades," CORE Discussion Papers RP -131, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  18. Diewert, W. E., 1983. "Cost-benefit analysis and project evaluation : A comparison of alternative approaches," Journal of Public Economics, Elsevier, vol. 22(3), pages 265-302, December.
  19. Hammond, Peter J., 1986. "Project evaluation by potential tax reform," Journal of Public Economics, Elsevier, vol. 30(1), pages 1-36, June.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Jorge Rivera C. & Michael Florig, 2005. "Indivisible goods and fiat money," Working Papers wp212, University of Chile, Department of Economics.
  2. Ben McQuillin & Robert Sugden, 2012. "How the market responds to dynamically inconsistent preferences," Social Choice and Welfare, Springer, vol. 38(4), pages 617-634, April.
  3. Jorge Rivera C. & Francisco Martínez, 2005. "Consumption rigths: a market mechanism to redistribute wealth," Working Papers wp215, University of Chile, Department of Economics.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:spr:sochwe:v:21:y:2003:i:2:p:181-193. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Guenther Eichhorn) or (Christopher F Baum).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.