Local strict envy-freeness in large economies
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.
Year of publication: |
2010
|
---|---|
Authors: | Cato, Susumu |
Published in: |
Mathematical Social Sciences. - Elsevier, ISSN 0165-4896. - Vol. 59.2010, 3, p. 319-322
|
Publisher: |
Elsevier |
Keywords: | Local strict envy-freeness Equal-income Walrasian allocation Efficiency Large economy |
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