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Consistent Solutions in Atomless Economies

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  • Thomson, William
  • Zhou, Lin

Abstract

The authors consider the problem of allocating a bundle of commodities among a group of agents who are collectively entitled to them. It is proved that, for an atomless economy with possibly satiated preferences, any solution that is efficient, equitable, and consistent must select allocations that are supported by equal-budget Walrasian equilibria with slack. Copyright 1993 by The Econometric Society.

Suggested Citation

  • Thomson, William & Zhou, Lin, 1993. "Consistent Solutions in Atomless Economies," Econometrica, Econometric Society, vol. 61(3), pages 575-587, May.
    • Handle: RePEc:ecm:emetrp:v:61:y:1993:i:3:p:575-87
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    Citations

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    Cited by:

    1. Chiara Donnini & Maria Laura Pesce, 2021. "Fairness and Formation Rules of Coalitions," CSEF Working Papers 624, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 24 May 2023.
    2. Nir Dagan, 1996. "Consistency and the Walrasian allocations correspondence," Economics Working Papers 151, Department of Economics and Business, Universitat Pompeu Fabra.
    3. Konovalov, A., 1998. "Core Equivalence in Economies With Satiation," Other publications TiSEM bde29dd4-b328-48b4-8fb4-6, Tilburg University, School of Economics and Management.
    4. Nir Dagan, 1995. "Consistent Solutions in Exchange Economies: a Characterization of the Price Mechanism," Economic theory and game theory 011, Nir Dagan.
    5. Serrano, Roberto & Volij, Oscar, 1998. "Axiomatizations of neoclassical concepts for economies," Journal of Mathematical Economics, Elsevier, vol. 30(1), pages 87-108, August.
    6. Klaus, Bettina & Klijn, Flip, 2013. "Local and global consistency properties for student placement," Journal of Mathematical Economics, Elsevier, vol. 49(3), pages 222-229.
    7. Eun Jeong Heo, 2019. "Preference profiles for efficiency, fairness, and consistency in school choice problems," International Journal of Game Theory, Springer;Game Theory Society, vol. 48(1), pages 243-266, March.
    8. Chiara Donnini & Marialaura Pesce, 2021. "Fairness and fuzzy coalitions," International Journal of Game Theory, Springer;Game Theory Society, vol. 50(4), pages 1033-1052, December.
    9. Miralles, Antonio & Pycia, Marek, 2021. "Foundations of pseudomarkets: Walrasian equilibria for discrete resources," Journal of Economic Theory, Elsevier, vol. 196(C).
    10. Bas J. Dietzenbacher & Aleksei Y. Kondratev, 2023. "Fair and Consistent Prize Allocation in Competitions," Management Science, INFORMS, vol. 69(6), pages 3319-3339, June.
    11. Justin Leroux, 2006. "A discussion of the consistency axiom in cost-allocation problems," Cahiers de recherche 06-13, HEC Montréal, Institut d'économie appliquée.
    12. Stefan Ambec, 2008. "Sharing a resource with concave benefits," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 31(1), pages 1-13, June.
    13. Konovalov, A., 1998. "Core Equivalence in Economies With Satiation," Discussion Paper 1998-80, Tilburg University, Center for Economic Research.
    14. Christopher P. Chambers & Takashi Hayashi, 2017. "Resource allocation with partial responsibilities for initial endowments," International Journal of Economic Theory, The International Society for Economic Theory, vol. 13(4), pages 355-368, December.
    15. Sprumont, Yves & Zhou, Lin, 1999. "Pazner-Schmeidler rules in large societies," Journal of Mathematical Economics, Elsevier, vol. 31(3), pages 321-339, April.
    16. Cato, Susumu, 2010. "Local strict envy-freeness in large economies," Mathematical Social Sciences, Elsevier, vol. 59(3), pages 319-322, May.

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