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Axiomatizations of Neoclassical Concepts for Economies

  • Volij, Oscar
  • Serrano, Roberto

We characterize the Pareto correspondence, the core and the Walras solution using the axioms of consistency, converse consistency and one-person rationality. Consistency and its converse are defined with respect to suitably constructed reduced economies for each case. Our results hold for the well-known class of coalitional production economies, which covers exchange economies as a particular case. The key reason to use this class is the observation that the reduction of an exchange economy yields a production economy. Author Keywords: Consistency; Reduced economy; Core; Walrasian equilibrium

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Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 5192.

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Date of creation: 01 Jan 1998
Date of revision:
Publication status: Published in Journal of Mathematical Economics 1998, vol. 30, pp. 87-108
Handle: RePEc:isu:genres:5192
Contact details of provider: Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
Web page: http://www.econ.iastate.edu
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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.
  2. van den Nouweland, C.G.A.M. & Peleg, B. & Tijs, S.H., 1996. "Axiomatic characterizations of the Walras correspondence for generalized economies," Other publications TiSEM 6ac8c569-8178-4176-9ecf-0, Tilburg University, School of Economics and Management.
  3. Thomson, William & Zhou, Lin, 1993. "Consistent Solutions in Atomless Economies," Econometrica, Econometric Society, vol. 61(3), pages 575-87, May.
  4. Peleg, B, 1986. "On the Reduced Game Property and Its Converse," International Journal of Game Theory, Springer, vol. 15(3), pages 187-200.
  5. Hart, Sergiu & Mas-Colell, Andreu, 1989. "Potential, Value, and Consistency," Econometrica, Econometric Society, vol. 57(3), pages 589-614, May.
  6. Nagahisa, Ryo-ichi, 1991. "A local independence condition for characterization of Walrasian allocations rule," Journal of Economic Theory, Elsevier, vol. 54(1), pages 106-123, June.
  7. Peleg, B. & Tijs, S.H., 1993. "The consistency principle for games in strategic form," Discussion Paper 1993-6, Tilburg University, Center for Economic Research.
  8. repec:ner:tilbur:urn:nbn:nl:ui:12-72911 is not listed on IDEAS
  9. 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.
  10. 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.
  11. repec:ner:tilbur:urn:nbn:nl:ui:12-72933 is not listed on IDEAS
  12. Boehm, Volker, 1974. "The Limit of the Core of an Economy with Production," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 15(1), pages 143-48, February.
  13. Lensberg, Terje, 1988. "Stability and the Nash solution," Journal of Economic Theory, Elsevier, vol. 45(2), pages 330-341, August.
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