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Local strict envy-freeness in large economies

Sususmu Cato ()

Mathematical Social Sciences, 2010, vol. 59, issue 3, 319-322

Abstract: This paper proposes a concept of local strict envy-freeness (LS-envy-freeness), which is a local version of Zhou's (1992) strict envy-freeness, and investigates its implications in large economies. In spite of the weakness of this concept, it works effectively by combining with efficiency. It is shown that an LS-envy-free and efficient allocation is a strict envy-free allocation. That is, efficiency expands the local version of strict envy-freeness into strict envy-freeness. Therefore, the set of LS-envy-free and efficient allocations coincides with the set of equal-income Walrasian allocations.

Keywords: Local; strict; envy-freeness; Equal-income; Walrasian; allocation; Efficiency; Large; economy (search for similar items in EconPapers)
Date: 2010
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Handle: RePEc:eee:matsoc:v:59:y:2010:i:3:p:319-322