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Consistency and the Walrasian Allocations Correspondence

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Nir Dagan

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Abstract

We characterize the Walrasian allocations correspondence, in classes of exchange economies with smooth and convex preferences, by means of consistency requirements and other axioms. We present three characterization results; all of which require consistency, converse consistency and standard axioms. Two characterizations hold also on domains with a finite number of potential agents, one of them requires envy freeness (with respect to trades) and the other--core selection; a third characterization, that requires core selection, applies only to a variable number of agents domain, but is valid also when the domain includes only a small variety of preferences.

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Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 151.

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Date of creation: Jan 1996
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Handle: RePEc:upf:upfgen:151

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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. Peleg, B, 1986. "On the Reduced Game Property and Its Converse," International Journal of Game Theory, Springer, vol. 15(3), pages 187-200.
  2. van den Nouweland, A. & Peleg, B. & Tijs, S., 1996. "Axiomatic characterizations of the Walras correspondence for generalized economies," Journal of Mathematical Economics, Elsevier, vol. 25(3), pages 355-372. [Downloadable!] (restricted)
  3. Thomson, William & Zhou, Lin, 1993. "Consistent Solutions in Atomless Economies," Econometrica, Econometric Society, vol. 61(3), pages 575-87, May. [Downloadable!] (restricted)
  4. Lensberg, Terje, 1988. "Stability and the Nash solution," Journal of Economic Theory, Elsevier, vol. 45(2), pages 330-341, August. [Downloadable!] (restricted)
  5. Peleg, Bezalel, 1985. "An axiomatization of the core of cooperative games without side payments," Journal of Mathematical Economics, Elsevier, vol. 14(2), pages 203-214, April. [Downloadable!] (restricted)
  6. Hart, Sergiu & Mas-Colell, Andreu, 1989. "Potential, Value, and Consistency," Econometrica, Econometric Society, vol. 57(3), pages 589-614, May. [Downloadable!] (restricted)
  7. Nir Dagan, 1995. "Consistent Solutions in Exchange Economies: A Characterization of the Price Mechanism," Economics Working Papers 141, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  1. Nir Dagan, 1994. "Recontracting and Competition," Economics Working Papers 152, Department of Economics and Business, Universitat Pompeu Fabra, revised Jan 1996. [Downloadable!]
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  2. Sjaak Hurkens & Nir Vulkan, 1996. "Information Acquisition and Entry," Economics Working Papers 155, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  3. Daron Acemoglu & Fabrizio Zilibotti, 1996. "Agency Costs in the Process of Development," Economics Working Papers 157, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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