Axiomatizations of neoclassical concepts for economies

Roberto Serrano, Oscar Volij

Research output: Contribution to journalArticlepeer-review

35 Scopus citations

Abstract

We characterize the Pareto correspondence, the core and the Walras solution using the axioms of consistency, converse consistency and one-person rationality. Consistency and its converse are defined with respect to suitably constructed reduced economies for each case. Our results hold for the well-known class of coalitional production economies, which covers exchange economies as a particular case. The key reason to use this class is the observation that the reduction of an exchange economy yields a production economy.

Original languageEnglish
Pages (from-to)87-108
Number of pages22
JournalJournal of Mathematical Economics
Volume30
Issue number1
DOIs
StatePublished - 1 Jan 1998
Externally publishedYes

Keywords

  • C71
  • Consistency
  • Core
  • D51
  • Reduced economy
  • Walrasian equilibrium

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