Consistency and the Walrasian allocations correspondence
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.
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- 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.
- 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, School of Economics and Management.
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