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Envy-Free Configurations in the Market Economy

Author

Listed:
  • Tadenuma, Koichi
  • 蓼沼, 宏一
  • Xu, Yongsheng
  • 徐, 永勝

Abstract

Using an extended framework in which an agent is endowed with three types of preference orders: an allocation preference order, an opportunity preference order, and an overall preference order, this paper introduces several notions related to efficiency and equity-as-no-envy and examines the performance of competitive market mechanisms. We also axiomatically characterize the equal income Walras rule for pure exchange economies.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Tadenuma, Koichi & 蓼沼, 宏一 & Xu, Yongsheng & 徐, 永勝, 2001. "Envy-Free Configurations in the Market Economy," Discussion Papers 2001-07, Graduate School of Economics, Hitotsubashi University.
    • Handle: RePEc:hit:econdp:2001-07
    Note: First Version: February 2001; This Version: July 2001
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    File URL: https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/16946/070econDP01-07.pdf
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    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations

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