Consistency and the Walrasian Allocations Correspondence
We characterize the Walrasian allocations correspondence by means of consistency requirements and other axioms. We present two characterization results; both require consistency, converse consistency and standard axioms. One of them requires the allocations to be envy free (with respect to trades) and the other--stable with respect to bilateral recontracting. The characterizations hold in classes of exchange economies with smooth and convex preferences, and also on domains with a finite number of potential agents.
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- van den Nouweland, C.G.A.M. & Peleg, B. & Tijs, S.H., 1994.
"Axiomatic characterizations of the Walras correspondence for generalized economies,"
1994-58, Tilburg University, Center for Economic Research.
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- 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.
- Nir Dagan, 1995.
"Consistent Solutions in Exchange Economies: a Characterization of the Price Mechanism,"
Economic theory and game theory
011, Nir Dagan.
- Nir Dagan, 1995. "Consistent solutions in exchange economies: A characterization of the price mechanism," Economics Working Papers 141, Department of Economics and Business, Universitat Pompeu Fabra.
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