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Consistency and the Walrasian allocations correspondence

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  • Nir Dagan

Abstract

We characterize the Walrasian allocations correspondence, in classes of exchange economies with smooth and convex preferences, by means of consistency requirements and other axioms. We present three characterization results; all of which require consistency, converse consistency and standard axioms. Two characterizations hold also on domains with a finite number of potential agents, one of them requires envy freeness (with respect to trades) and the other--core selection; a third characterization, that requires core selection, applies only to a variable number of agents domain, but is valid also when the domain includes only a small variety of preferences.

Suggested Citation

  • Nir Dagan, 1996. "Consistency and the Walrasian allocations correspondence," Economics Working Papers 151, Department of Economics and Business, Universitat Pompeu Fabra.
  • Handle: RePEc:upf:upfgen:151
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    References listed on IDEAS

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    1. Mas-Colell,Andreu, 1990. "The Theory of General Economic Equilibrium," Cambridge Books, Cambridge University Press, number 9780521388702.
    2. Hart, Sergiu & Mas-Colell, Andreu, 1989. "Potential, Value, and Consistency," Econometrica, Econometric Society, vol. 57(3), pages 589-614, May.
    3. Nir Dagan, 1995. "Consistent Solutions in Exchange Economies: a Characterization of the Price Mechanism," Economic theory and game theory 011, Nir Dagan.
    4. 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.
    5. Peleg, B, 1986. "On the Reduced Game Property and Its Converse," International Journal of Game Theory, Springer;Game Theory Society, vol. 15(3), pages 187-200.
    6. 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.
    7. Thomson, William & Zhou, Lin, 1993. "Consistent Solutions in Atomless Economies," Econometrica, Econometric Society, vol. 61(3), pages 575-587, May.
    8. Lensberg, Terje, 1988. "Stability and the Nash solution," Journal of Economic Theory, Elsevier, vol. 45(2), pages 330-341, August.
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    Cited by:

    1. Thomson, William, 2011. "Chapter Twenty-One - Fair Allocation Rules," Handbook of Social Choice and Welfare,in: K. J. Arrow & A. K. Sen & K. Suzumura (ed.), Handbook of Social Choice and Welfare, edition 1, volume 2, chapter 21, pages 393-506 Elsevier.
    2. Schummer, James & Thomson, William, 1997. "Two derivations of the uniform rule and an application to bankruptcy," Economics Letters, Elsevier, vol. 55(3), pages 333-337, September.

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