Envy-Free Configurations in the Market Economy
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.
|Date of creation:||Jul 2001|
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|Note:||First Version: February 2001; This Version: July 2001|
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