A study of choice correspondences in economies with a variable number of agents

WILLIAM J. THOMSON

130 citations0/0 files storedJournal of Economic Theory

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Game Theory and Voting Systems Economic Theory and Institutions Economic theories and models

Abstract

We study correspondences defined over classes of exchange economies and associating with each element in the class a set of allocations at which resources are thought to be divided fairly among the agents. We formulate a series of axioms describing how correspondences could, or should, respond to certain changes in the number of agents. An example is: “If an allocation is optimal for some economy, then the replicated allocation is optimal for the replicated economy.” We identify which of these axioms are satisfied by the correspondences that have been proposed as solutions to the problem of fair division. We use the axioms, in conjunction with traditional axioms (such as efficiency), to characterize the Walrasian correspondence operated from equal division.

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References

1950The Bargaining Problem 1975Other Solutions to Nash's Bargaining Problem 1967Resource allocation and the public sector 1932Mathematical Psychics.1963A Limit Theorem on the Core of an Economy 2008A limit theorem on the core of an economy 1985Game-Theoretic Models of Bargaining 1978Egalitarian Equivalent Allocations: A New Concept of Economic Equity

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