Kotaro Suzumura

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of California, Riverside. We are grateful to Susumu Cato for his calling our attention to Packel's (1980) paper and his incisive comments on an earlier draft. Financial support Abstract. In an infinite-horizon setting, Ferejohn and Page showed that Arrow's axioms and stationarity lead to a dictatorship by the first generation. Packel strengthened this(More)
Standard general equilibrium theory excludes starvation by assuming that everybody can survive without trade. Because trade cannot harm consumers, they can therefore also survive with trade. Here this assumption is abandoned, and equilibria in which not everybody survives are investigated. A simple example is discussed, along with possible policies which(More)
Arrow's celebrated theorem of social choice shows that the aggre-gation of individual preferences into a social ordering cannot make the ranking of any pair of alternatives depend only on individual preferences over that pair, unless the fundamental weak Pareto and non-dictatorship principles are violated. In the standard model of division of commodities,(More)
By allowing for the possibility that individuals recognize the intrinsic value of choice along with the instrumental value thereof, we suppose that individuals express extended preference orderings of the following type: Choosing an alternative x from an opportunity set A is better than choosing an alternative y from an opportunity set B. Within this(More)
The rationalizability of a choice function by means of a transitive relation has been analyzed thoroughly in the literature. However, not much seems to be known when transi-tivity is weakened to quasi-transitivity or acyclicity. We describe the logical relationships between the different notions of rationalizability involving, for example, the(More)