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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