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Strictly Fair Allocations in Large Exchange Economies

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Author Info
Lin Zhou (Cowles Foundation, Yale University)

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Abstract

In this paper we introduce the concept of a strictly fair allocation and investigate the set of strictly fair allocations in large exchange economies. We prove that when agents' utility functions are differentiable, the set of strictly fair allocations coincides with the set of equal-income Walrasian equilibria. This is shown using both the "limit theorem" approach the "limit economy" approach. We also extend the analysis to economies that have both atoms and an atomless sector. These results substantially improve upon the existing characterizations of equal-income Walrasian equilibria in terms of both economic efficiency and economic equity.

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Publisher Info
Paper provided by Cowles Foundation, Yale University in its series Cowles Foundation Discussion Papers with number 972.

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Length: 26 pages
Date of creation: Mar 1991
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Publication status: Published in Journal of Economic Theory (June 1992), 57(1): 160-175
Handle: RePEc:cwl:cwldpp:972

Note: CFP 813.
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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Related research
Keywords: Exchange economy; Walrasian equilibrium; resource allocation;

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Find related papers by JEL classification:
D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
D60 - Microeconomics - - Welfare Economics - - - General
D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models

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.:

  1. Greenberg, Joseph & Shitovitz, Benyamin, 1986. "A simple proof of the equivalence theorem for oligopolistic mixed markets," Journal of Mathematical Economics, Elsevier, vol. 15(2), pages 79-83, April. [Downloadable!] (restricted)
  2. Shitovitz, Benyamin, 1973. "Oligopoly in Markets with a Continuum of Traders," Econometrica, Econometric Society, vol. 41(3), pages 467-501, May. [Downloadable!] (restricted)
  3. Debreu, Gerard, 1975. "The rate of convergence of the core of an economy," Journal of Mathematical Economics, Elsevier, vol. 2(1), pages 1-7, March. [Downloadable!] (restricted)
  4. Schmeidler, David & Vind, Karl, 1972. "Fair Net Trades," Econometrica, Econometric Society, vol. 40(4), pages 637-42, July. [Downloadable!] (restricted)
  5. H. R. Varian, 1973. "Equity, Envy and Efficiency," Working papers 115, Massachusetts Institute of Technology (MIT), Department of Economics.
    Other versions:
  6. Varian, Hal R., 1976. "Two problems in the theory of fairness," Journal of Public Economics, Elsevier, vol. 5(3-4), pages 249-260. [Downloadable!] (restricted)
    Other versions:
  7. Gabszewicz, Jean Jaskold, 1975. "Coalitional Fairness of Allocations in Pure Exchange Economies," Econometrica, Econometric Society, vol. 43(4), pages 661-68, July. [Downloadable!] (restricted)
  8. 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. [Downloadable!] (restricted)
  9. Champsaur, Paul & Laroque, Guy, 1981. "Fair allocations in large economies," Journal of Economic Theory, Elsevier, vol. 25(2), pages 269-282, October. [Downloadable!] (restricted)
  10. Aumann, Robert J, 1975. "Values of Markets with a Continuum of Traders," Econometrica, Econometric Society, vol. 43(4), pages 611-46, July. [Downloadable!] (restricted)
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Cited by:
(explanations, 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.)

  1. Lin Zhou, 1991. "An 'Average' Lyapunov Convexity Theorem and Some Core Equivalence Results," Cowles Foundation Discussion Papers 976, Cowles Foundation, Yale University. [Downloadable!]
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