Axiomatizations of Neoclassical Concepts for Economies

@inproceedings{Volij1998AxiomatizationsON,
  title={Axiomatizations of Neoclassical Concepts for Economies},
  author={Oscar Volij and Roberto Serrano},
  year={1998}
}
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… CONTINUE READING

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