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Stability and Universal Implementability of the Price Mechanism

Author

Listed:
  • Kohzo Shiraishi

    (Faculty of Economics, Kobegakuin University)

  • Ken Urai

    (Graduate School of Economics, Osaka University)

  • Hiromi Murakami

    (Faculty of Commerce, Doshisha University)

Abstract

This paper provides a uni ed viewpoint on some axioms in social choice theory and a setting for the allocation mechanism with messages in the informational efficiency problem. In particular, our arguments are concerned with the category theoretical axiomatic method in Sonnenschein (1974) and the replica stability axiom in the social choice arguments like Thomson (1988) and Nagahisa (1994). The uni ed view enables us to obtain an extension of Sonnenschein's axiomatic characterization of the price mechanism as an agent-characteristics form dictionary property to a utility form economy- dependent universal implementability theorem.

Suggested Citation

  • Kohzo Shiraishi & Ken Urai & Hiromi Murakami, 2017. "Stability and Universal Implementability of the Price Mechanism," Discussion Papers in Economics and Business 17-09, Osaka University, Graduate School of Economics.
    • Handle: RePEc:osk:wpaper:1709
    as

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    References listed on IDEAS

    as
    1. Ken Urai & Hiromi Murakami, 2017. "Local Independence, Monotonicity, Incentive Compatibility and Axiomatic Characterization of Price-Money Message Mechanism," Discussion Papers in Economics and Business 17-08, Osaka University, Graduate School of Economics.
    2. Urai, Ken & Murakami, Hiromi, 2016. "Replica core equivalence theorem: An extension of the Debreu–Scarf limit theorem to double infinity monetary economies," Journal of Mathematical Economics, Elsevier, vol. 66(C), pages 83-88.
    3. 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.
    4. Mount, Kenneth & Reiter, Stanley, 1974. "The informational size of message spaces," Journal of Economic Theory, Elsevier, vol. 8(2), pages 161-192, June.
    5. Gerard Debreu, 1963. "On a Theorem of Scarf," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 30(3), pages 177-180.
    6. Sonnenschein, Hugo, 1974. "An Axiomatic Characterization of the Price Mechanism," Econometrica, Econometric Society, vol. 42(3), pages 425-433, May.
    7. Ken Urai & Hiromi Murakami, 2015. "An Axiomatic Characterization of the Price-Money Message Mechanism," Discussion Papers in Economics and Business 15-31-Rev., Osaka University, Graduate School of Economics, revised Mar 2016.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Price Mechanism; Axiomatic Characterization; Category Theory; Informational Effi- ciency; Universal Implementability; Message Mechanism;
    All these keywords.

    JEL classification:

    • C60 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - General
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations

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