Consistency and the Walrasian allocations correspondence

Nir Dagan

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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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Cited by

  1. Anne van den Nouweland, Bezalel Peleg, and Stef Tijs, Axiomatic characterizations of the Walras correspondence for generalized economies, Journal of Mathematical Economics 25:355-372 (1996)
  2. James Schummer and William Thomson, Two derivations of the uniform rule and an application to bankruptcy, Economics Letters 55:333-337 (1997)
  3. Roberto Serrano and Oscar Volij, Axiomatizations of neoclassical concepts for economies, Journal of Mathematical Economics 30:87108 (1998)
  4. Bernd Korthues, Characterization of an extended Walrasian concept for open economies Journal of Mathematical Economics 33:449-461 (2000)