Envy-Free Configurations in the Market Economy
Abstract
Using 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.Download Info
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Paper 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:
Handle: RePEc:hit:econdp:2001-07
Note: First Version: February 2001; This Version: July 2001
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Web page: http://www.econ.hit-u.ac.jp/
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Keywords:Other versions of this item:
- Tadenuma, Koichi & Xu, Yongsheng, 2001. "Envy-Free Configurations in the Market Economy," Discussion Paper 31, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
- 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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