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Consistency and the Walrasian Allocations Correspondence

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Abstract

We characterize the Walrasian allocations correspondence by means of consistency requirements and other axioms. We present two characterization results; both require consistency, converse consistency and standard axioms. One of them requires the allocations to be envy free (with respect to trades) and the other--stable with respect to bilateral recontracting. The characterizations hold in classes of exchange economies with smooth and convex preferences, and also on domains with a finite number of potential agents.

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  • Nir Dagan, 1996. "Consistency and the Walrasian Allocations Correspondence," Economic theory and game theory 012, Nir Dagan.
    • Handle: RePEc:nid:ndagan:012
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    1. Mas-Colell,Andreu, 1990. "The Theory of General Economic Equilibrium," Cambridge Books, Cambridge University Press, number 9780521388702.
    2. 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.
    3. Hart, Sergiu & Mas-Colell, Andreu, 1989. "Potential, Value, and Consistency," Econometrica, Econometric Society, vol. 57(3), pages 589-614, May.
    4. Nir Dagan, 1995. "Consistent Solutions in Exchange Economies: a Characterization of the Price Mechanism," Economic theory and game theory 011, Nir Dagan.
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    7. 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.
    8. Thomson, William & Zhou, Lin, 1993. "Consistent Solutions in Atomless Economies," Econometrica, Econometric Society, vol. 61(3), pages 575-587, May.
    9. Lensberg, Terje, 1988. "Stability and the Nash solution," Journal of Economic Theory, Elsevier, vol. 45(2), pages 330-341, August.
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    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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