Envy-Free Configurations in the Market Economy

Koichi Tadenuma, 宏一 蓼沼, コウイチ タデヌマ and Yongsheng Xu

No 31, Discussion Paper from Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University

Abstract: Using an extended framework in which an agent is endowed with three types of preference orders: an allocation preference order, an opportunity preference order, and an overall preference order, this paper introduces several notions related to efficiency and equity-as-no-envy and examines the performance of competitive market mechanisms. We also axiomatically characterize the equal income Walras rule for pure exchange economies.

JEL-codes: D63 D71 (search for similar items in EconPapers)
Pages: 18 pages
Date: 2001-07
Note: First Version: February 2001; This Version: July 2001
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https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/14390/pie_dp31.pdf

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Working Paper: Envy-Free Configurations in the Market Economy (2001)
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Persistent link: https://EconPapers.repec.org/RePEc:hit:piedp1:31

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