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Envy-Free Configurations in the Market Economy

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  • Tadenuma, Koichi
  • Xu, Yongsheng

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.

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File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/16946/1/070econDP01-07.pdf
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Bibliographic Info

Paper provided by Graduate School of Economics, Hitotsubashi University in its series Discussion Papers with number 2001-07.

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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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