On the Fair Allocation of Indivisible Goods

Eric Maskin

Chapter 11 in Arrow and the Foundations of the Theory of Economic Policy, 1987, pp 341-349 from Palgrave Macmillan

Abstract: Abstract Kenneth Arrow had a major hand in establishing two of the fundamental results of general equilibrium theory: the existence of a competitive equilibrium (Arrow and Debreu 1954) and the decentrali-zability of a Pareto optimum (Arrow 1951). In this chapter, we are concerned with general equilibrium in a setting where some goods are indivisible. Hence, several hypotheses that are standard in equilibrium analysis are not satisfied. None the less, as we will see, the classic Arrow-Debreu techniques can be suitably modified to overcome this difficulty.

Keywords: Excess Demand; Competitive Equilibrium; Price Vector; Fair Allocation; Consumption Bundle (search for similar items in EconPapers)
Date: 1987
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DOI: 10.1007/978-1-349-07357-3_12

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