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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.
    5. Peleg, B, 1986. "On the Reduced Game Property and Its Converse," International Journal of Game Theory, Springer;Game Theory Society, vol. 15(3), pages 187-200.
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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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