Equal Rights to Trade and Mediate
Peter Hammond
Working Papers from Stanford University, Department of Economics
Abstract:
August 1999
For economies with a fixed finite set of traders, few results characterize Walrasian equilibria by their social choice properties. Pareto efficient allocations typically require lump-sum transfers. Other characterizations based on the core or strategyproofness apply only when, as in continuum economies, agents cannot influence prices strategically. Or the results concern social choice with a variable number of agents. This paper considers allocations granting agents equal rights to choose net trade vectors within a convex cone and, in order to exclude autarky, an additional right to mediate mutually beneficial transactions. Under standard assumptions, these properties characterize Walrasian equilibria without transfers.
JEL: Classifications: D63, D50
Date: 1999-08
New Economics Papers: this item is included in nep-mic
References: View references in EconPapers View complete reference list from CitEc
Citations:
Downloads: (external link)
http://www-econ.stanford.edu/faculty/workp/swp99019.pdf (application/pdf)
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://www-econ.stanford.edu/faculty/workp/swp99019.pdf [301 Moved Permanently]--> https://www-econ.stanford.edu/faculty/workp/swp99019.pdf [307 Temporary Redirect]--> https://economics.stanford.edu//faculty/workp/swp99019.pdf)
Related works:
Journal Article: Equal rights to trade and mediate (2003) 
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:wop:stanec:99019
Access Statistics for this paper
More papers in Working Papers from Stanford University, Department of Economics Contact information at EDIRC.
Bibliographic data for series maintained by Thomas Krichel ().