Stability and Universal Implementability of the Price Mechanism

Kohzo Shiraishi (), Ken Urai () and Hiromi Murakami ()
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Kohzo Shiraishi: Faculty of Economics, Kobegakuin University
Ken Urai: Graduate School of Economics, Osaka University
Hiromi Murakami: Faculty of Commerce, Doshisha University

No 17-09, Discussion Papers in Economics and Business from Osaka University, Graduate School of Economics

Abstract: This paper provides a uni ed viewpoint on some axioms in social choice theory and a setting for the allocation mechanism with messages in the informational efficiency problem. In particular, our arguments are concerned with the category theoretical axiomatic method in Sonnenschein (1974) and the replica stability axiom in the social choice arguments like Thomson (1988) and Nagahisa (1994). The uni ed view enables us to obtain an extension of Sonnenschein's axiomatic characterization of the price mechanism as an agent-characteristics form dictionary property to a utility form economy- dependent universal implementability theorem.

Keywords: Price Mechanism; Axiomatic Characterization; Category Theory; Informational Effi- ciency; Universal Implementability; Message Mechanism (search for similar items in EconPapers)
JEL-codes: C60 D50 D71 (search for similar items in EconPapers)
Pages: 9 pages
Date: 2017-04
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