Envy-Free Configurations in the Market Economy

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.

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Year of publication:	2001-07
Authors:	Tadenuma, Koichi ; Xu, Yongsheng
Institutions:	Graduate School of Economics, Hitotsubashi University

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Extent:	application/pdf
Series:	Discussion Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	First Version: February 2001; This Version: July 2001 Number 2001-07 18 pages long
Classification:	D63 - Equity, Justice, Inequality, and Other Normative Criteria and Measurement ; D71 - Social Choice; Clubs; Committees; Associations
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10004992486