Inequity-averse preferences in general equilibrium

Rodrigo Velez

Journal of Mathematical Economics, 2017, vol. 70, issue C, 166-175

Abstract: We study the stability with respect to the introduction of opportunity-based inequity aversion à la Dufwenberg et al. (2011) of three welfare properties satisfied by competitive equilibria in self-regarding economies: (i) Pareto efficiency may not be a stable property; (ii) undomination with respect to income redistribution is a stable property whenever the marginal indirect utility of income has no extreme variations; and (iii) generically (endowment-wise) market-constrained efficiency is a stable property.

Keywords: Inequity aversion; General equilibrium (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:70:y:2017:i:c:p:166-175

DOI: 10.1016/j.jmateco.2017.02.009

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