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Strictly Fair Allocations in Large Exchange Economies

In this paper we introduce the concept of a strictly fair allocation and investigate the set of strictly fair allocations in large exchange economies. We prove that when agents' utility functions are differentiable, the set of strictly fair allocations coincides with the set of equal-income Walrasian equilibria. This is shown using both the "limit theorem" approach the "limit economy" approach. We also extend the analysis to economies that have both atoms and an atomless sector. These results substantially improve upon the existing characterizations of equal-income Walrasian equilibria in terms of both economic efficiency and economic equity.

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File URL: http://cowles.econ.yale.edu/P/cd/d09b/d0972.pdf
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Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 972.

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Length: 26 pages
Date of creation: Mar 1991
Date of revision:
Publication status: Published in Journal of Economic Theory (June 1992), 57(1): 160-175
Handle: RePEc:cwl:cwldpp:972
Note: CFP 813.
Contact details of provider: Postal: Yale University, Box 208281, New Haven, CT 06520-8281 USA
Phone: (203) 432-3702
Fax: (203) 432-6167
Web page: http://cowles.econ.yale.edu/

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Order Information: Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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  1. Thomson, William, 1988. "A study of choice correspondences in economies with a variable number of agents," Journal of Economic Theory, Elsevier, vol. 46(2), pages 237-254, December.
  2. Varian, Hal R., 1974. "Equity, envy, and efficiency," Journal of Economic Theory, Elsevier, vol. 9(1), pages 63-91, September.
  3. Schmeidler, David & Vind, Karl, 1972. "Fair Net Trades," Econometrica, Econometric Society, vol. 40(4), pages 637-42, July.
  4. Gabszewicz, Jean Jaskold, 1975. "Coalitional Fairness of Allocations in Pure Exchange Economies," Econometrica, Econometric Society, vol. 43(4), pages 661-68, July.
  5. Aumann, Robert J, 1975. "Values of Markets with a Continuum of Traders," Econometrica, Econometric Society, vol. 43(4), pages 611-46, July.
  6. Champsaur, Paul & Laroque, Guy, 1981. "Fair allocations in large economies," Journal of Economic Theory, Elsevier, vol. 25(2), pages 269-282, October.
  7. Varian, Hal R., 1976. "Two problems in the theory of fairness," Journal of Public Economics, Elsevier, vol. 5(3-4), pages 249-260.
  8. Shitovitz, Benyamin, 1973. "Oligopoly in Markets with a Continuum of Traders," Econometrica, Econometric Society, vol. 41(3), pages 467-501, May.
  9. Debreu, Gerard, 1975. "The rate of convergence of the core of an economy," Journal of Mathematical Economics, Elsevier, vol. 2(1), pages 1-7, March.
  10. Greenberg, Joseph & Shitovitz, Benyamin, 1986. "A simple proof of the equivalence theorem for oligopolistic mixed markets," Journal of Mathematical Economics, Elsevier, vol. 15(2), pages 79-83, April.
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