Axiomatizations of Neoclassical Concepts for Economies

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Axiomatizations of Neoclassical Concepts for Economies

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Volij, Oscar
Serrano, Roberto

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Roberto Serrano

Abstract

We characterize the Pareto correspondence, the core and the Walras solution using the axioms of consistency, converse consistency and one-person rationality. Consistency and its converse are defined with respect to suitably constructed reduced economies for each case. Our results hold for the well-known class of coalitional production economies, which covers exchange economies as a particular case. The key reason to use this class is the observation that the reduction of an exchange economy yields a production economy. Author Keywords: Consistency; Reduced economy; Core; Walrasian equilibrium

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Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 5192.

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Date of creation: 01 Mar 2002
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Publication status: Published in Journal of Mathematical Economics, 1998, Vol. 30, pp. 87-108.
Handle: RePEc:isu:genres:5192

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Article
- Serrano, Roberto & Volij, Oscar, 1998. "Axiomatizations of neoclassical concepts for economies," Journal of Mathematical Economics, Elsevier, vol. 30(1), pages 87-108, August. [Downloadable!] (restricted)

Cited by:
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Yu-Hsien Liao, 2008. "Consistency and the core for fuzzy non-transferable-utility games," Economics Bulletin, Economics Bulletin, vol. 3(45), pages 1-6. [Downloadable!]
de CLIPPEL, Geoffroy, 2003. "Invariance with respect to re-evaluations of coalitional power," CORE Discussion Papers 2003056, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE). [Downloadable!]
Roberto Serrano, 2007. "Cooperative Games: Core And Shapley Value," Working Papers wp2007_0709, CEMFI. [Downloadable!]
Other versions:
- Roberto Serrano, 2007. "Cooperative Games: Core and Shapley Value," Working Papers 2007-11, Brown University, Department of Economics. [Downloadable!]
Roberto Serrano, 2007. "Nash program," Working Papers 2007-05, Instituto Madrileño de Estudios Avanzados (IMDEA) Ciencias Sociales. [Downloadable!]
Oscar Volij & Darin Lee, 1997. "The Core of Economies with Asymmetric Information: An Axiomatic Approach," Game Theory and Information 9706002, EconWPA. [Downloadable!]
Other versions:
- Darin Lee & Oscar Volij, 1997. "The Core of Economies with Asymmetric Information: An Axiomatic Approach," Economic theory and game theory 005, Oscar Volij. [Downloadable!]
- Volij, Oscar & Lee, Darin, 2002. "The Core of Economies with Asymmetric Information: An Axiomatic Approach," Staff General Research Papers 5193, Iowa State University, Department of Economics.
- Lee, Darin & Volij, Oscar, 2002. "The core of economies with asymmetric information: an axiomatic approach," Journal of Mathematical Economics, Elsevier, vol. 38(1-2), pages 43-63, September. [Downloadable!] (restricted)
Geoffroy de Clippel, 2005. "An Axiomatization of the Inner Core Using Appropriate Reduced Games," Working Papers 2005-02, Brown University, Department of Economics. [Downloadable!]
Other versions:
- de Clippel, Geoffroy, 2008. "An axiomatization of the inner core using appropriate reduced games," Journal of Mathematical Economics, Elsevier, vol. 44(3-4), pages 316-323, February. [Downloadable!] (restricted)

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