AXIOMATIZATIONS OF NEOCLASSICAL CONCEPTS FOR ECONOMIES

We characterize the Pareto correspondence, the core and the Walras sol ution using the axioms of consistency, converse consistency and one-pe rson rationality, Consistency and its converse are defined with respec t to suitably constructed reduced economies for each case. Our results hold for the well-known class of coalitional production economies, wh ich covers exchange economies as a particular case. The key reason to use this class is the observation that the reduction of an exchange ec onomy yields a production economy. (C) 1998 Elsevier Science S.A. All rights reserved.