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Local envy-freeness and equal-income Walrasian allocations
Authors:Susumu Cato
Institution:1. Institute of Food and Resource Economics, University of Copenhagen, Denmark;2. Department of Economics, Universidad Pablo de Olavide, Spain;3. CORE, Université catholique de Louvain, Belgium;4. Department of Business and Economics, and Centre of Health Economics Research, University of Southern Denmark, Denmark;1. Department of Computer Science, Columbia University, New York, NY 10027, USA;2. Department of Mathematics, University of Haifa, 3498838 Haifa, Israel;3. Department of Mathematics, Colgate University, Hamilton, NY 13346, USA;1. Universitat de València, Spain;2. Universidad de Málaga, Spain;1. Department of Economics, University of Rochester, Rochester, NY 14627, USA;2. Department of Economics, Vanderbilt University, Nashville, TN 37235, USA;3. College of Administrative Sciences and Economics, Koç University, Sar?yer, Istanbul, 34450, Turkey
Abstract:This paper introduces a local version of envy-freeness and investigates its implications in a continuum agent economy with connected preferences. We show that the set of locally envy-free and Pareto efficient allocations coincides with the set of equal-income Walrasian allocations.
Keywords:
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