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.
|Date of creation:||Jan 1996|
|Date of revision:|
|Contact details of provider:|| Postal: Nir Dagan, Dept. of Economics and Management, Tel-Hai Academic College, Upper Galilee, Israel.|
Web page: http://www.nirdagan.com/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.
- van den Nouweland, A. & Peleg, B. & Tijs, S., 1996. "Axiomatic characterizations of the Walras correspondence for generalized economies," Journal of Mathematical Economics, Elsevier, vol. 25(3), pages 355-372.
- van den Nouweland, C.G.A.M. & Peleg, B. & Tijs, S.H., 1994. "Axiomatic characterizations of the Walras correspondence for generalized economies," Discussion Paper 1994-58, Tilburg University, Center for Economic Research.
- 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.
- Nir Dagan, 1995. "Consistent Solutions in Exchange Economies: a Characterization of the Price Mechanism," Economic theory and game theory 011, Nir Dagan.
- Hart, Sergiu & Mas-Colell, Andreu, 1989. "Potential, Value, and Consistency," Econometrica, Econometric Society, vol. 57(3), pages 589-614, May.
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"The Theory of General Economic Equilibrium,"
Cambridge University Press, number 9780521388702, January.
- Lensberg, Terje, 1988. "Stability and the Nash solution," Journal of Economic Theory, Elsevier, vol. 45(2), pages 330-341, August.
- 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.
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