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Envy-Free Configurations in the Market Economy

Author

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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.

Suggested Citation

  • Tadenuma, Koichi & Xu, Yongsheng, 2001. "Envy-Free Configurations in the Market Economy," Discussion Paper 31, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
  • Handle: RePEc:hit:piedp1:31
    Note: First Version: February 2001; This Version: July 2001
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    File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/14390/1/pie_dp31.pdf
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    More about this item

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations

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