Economic systems generate various distributions of opportunity sets for individuals to choose consumption bundles. This paper presents an axiomatic analysis on distributions of opportunity sets. We introduce several reasonable properties of distributions of opportunity sets, and characterize the...

Economic systems generate various distributions of opportunity sets for individuals to choose consumption bundles. This paper presents an axiomatic analysis on distributions of opportunity sets. We introduce several reasonable properties of distributions of opportunity sets, and characterize the...

In contrast to Mandler's (1999a; Theorem 6) impossibility result about the Sraffian indeterminacy of the steady-state equilibrium, we first show that any regular Sraffian steady-state equilibrium is indeterminate in terms of Sraffa (1960) under the simple overlapping generation economy. Moreover, we...