Envy-Free Configurations in the Market Economy
AbstractUsing an extended framework in which an agent is endowed with three types of preference orders: an allocation preference order, an opportunity preference order, and an overall preference order, this paper introduces several notions related to efficiency and equity-as-no-envy and examines the performance of competitive market mechanisms. We also axiomatically characterize the equal income Walras rule for pure exchange economies.
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Bibliographic InfoPaper provided by Graduate School of Economics, Hitotsubashi University in its series Discussion Papers with number 2001-07.
Length: 18 p.
Date of creation: Jul 2001
Date of revision:
Other versions of this item:
- D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
- D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
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