Axiomatic characterizations of the Walras correspondence for generalized economies

Article Abstract:

The definition of Walras equilibria is extended to generalized economies without free disposal of commodities. Characterization is achieved using a direct approach where the concept of generalized economies supported by Thomson (1992) is used. Two axiomatic characterizations of Walras allocations based on consistency and converse consistency axioms are derived. Data show that the assumption of free disposal can result in non-Pareto optimal Walras allocations for generalized economies.

Exchange, Walrasian model, Axiomatic set theory

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Preference through indifference: a topological approach

Article Abstract:

A study was conducted to analyze problems of consumer theory using a topological approach. An intrinsic topological characterization of transitivity of indifference was carried out. Conditions under which a given topology was the weakest making a preference continuous were determined. Results indicated that indifference classes influence the continuous preference inducing them.

Consumer Behavior, Consumer preferences

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