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Large Indivisibles: An Analysis with Respect to Price Equilibrium and Fairness

Lars-Gunnar Svensson
Econometrica
Vol. 51, No. 4 (Jul., 1983), pp. 939-954
Published by: The Econometric Society
DOI: 10.2307/1912044
Stable URL: http://www.jstor.org/stable/1912044
Page Count: 16
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Large Indivisibles: An Analysis with Respect to Price Equilibrium and Fairness
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Abstract

An exchange economy is considered in which there are a finite number of individuals, the same number of indivisibles, and a fixed amount of a divisible good. Each individual consumes exactly one of the indivisibles and a certain quantity of the divisible good. The existence of prices corresponding to Pareto-efficient allocations is proved. It is also shown that this economy possesses fair allocations, income-fair allocations, coalition-fair allocations, and Pareto-efficient egalitarian-equivalent allocations.

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