Chapter Fifteen - Competitive Market Mechanisms as Social Choice Procedures
In: Handbook of Social Choice and Welfare
AbstractA competitive market mechanism is a prominent example of a nonbinary social choice rule, typically defined for a special class of economic environments in which each social state is an economic allocation of private goods, and individuals’ preferences concern only their own personal consumption. This chapter begins by discussing which Pareto efficient allocations can be characterized as competitive equilibria with lump-sum transfers. It also discusses existence and characterization of such equilibria without lump-sum transfers. The second half of the chapter focuses on continuum economies, for which such characterization results are much more natural, given that agents have negligible influence over equilibrium prices.
Download InfoIf 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.
This chapter was published in:
This item is provided by Elsevier in its series Handbook of Social Choice and Welfare with number 2-15.
Contact details of provider:
Web page: http://www.elsevier.com/wps/find/bookseriesdescription.cws_home/BS_HE/description
welfare theorems; general equilibrium; core equivalence; incentive compatibility;
Find related papers by JEL classification:
- I0 - Health, Education, and Welfare - - General
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
If references are entirely missing, you can add them using this form.