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Consistency and the Walrasian allocations correspondence

  • Nir Dagan

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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Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 151.

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Date of creation: Jan 1996
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Handle: RePEc:upf:upfgen:151
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  1. 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.
  2. 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.
  3. Thomson, William & Zhou, Lin, 1993. "Consistent Solutions in Atomless Economies," Econometrica, Econometric Society, vol. 61(3), pages 575-87, May.
  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, vol. 15(3), pages 187-200.
  6. Lensberg, Terje, 1988. "Stability and the Nash solution," Journal of Economic Theory, Elsevier, vol. 45(2), pages 330-341, August.
  7. Hart, Sergiu & Mas-Colell, Andreu, 1989. "Potential, Value, and Consistency," Econometrica, Econometric Society, vol. 57(3), pages 589-614, May.
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