TY - JOUR
T1 - Acceptable and Walrasian allocations
AU - Tauman, Yair
AU - Chen, Yan
PY - 2000/11
Y1 - 2000/11
N2 - The paper provides an axiomatic approach to mechanisms which determine the individuals' 'contributions' to the total welfare of society, for every finite pure exchange economy and for every allocation of the total resources. An efficient allocation is acceptable if it induces individual contributions that are not lower than the respective contributions with the initial allocation. We characterize the mechanism that satisfies our axioms, and in addition guarantees the existence of an acceptable allocation for every economy. We then show that the set of acceptable allocations (with respect to this mechanism) coincides with the set of Walrasian allocations with respect to the initial allocation.
AB - The paper provides an axiomatic approach to mechanisms which determine the individuals' 'contributions' to the total welfare of society, for every finite pure exchange economy and for every allocation of the total resources. An efficient allocation is acceptable if it induces individual contributions that are not lower than the respective contributions with the initial allocation. We characterize the mechanism that satisfies our axioms, and in addition guarantees the existence of an acceptable allocation for every economy. We then show that the set of acceptable allocations (with respect to this mechanism) coincides with the set of Walrasian allocations with respect to the initial allocation.
KW - Individual contribution
KW - Pure exchange economy
KW - Walrasian allocation
UR - http://www.scopus.com/inward/record.url?scp=0042207670&partnerID=8YFLogxK
U2 - 10.1016/S0304-4068(97)00070-0
DO - 10.1016/S0304-4068(97)00070-0
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AN - SCOPUS:0042207670
SN - 0304-4068
VL - 34
SP - 415
EP - 438
JO - Journal of Mathematical Economics
JF - Journal of Mathematical Economics
IS - 3
ER -