This paper provides a cardinal welfare measure for the allocation of a bundle of goods among a group of people. Social welfare is measured as the sum of n partial indices, one for each good, each of which consists of a function of the amount of the good availabe and its dispersion, measured by...

This paper provides a comparative analysis of some classical solutions to bankruptcy problems from an axiomatic viewpoint. These rules are the constrained equal-awards rule, the constrained equal-losses rule, the proportional rule and the Talmud rule. The purpose of this study is to facilitate...

This paper analyzes a family of solutions to bankruptcy problems that generalizes the Talmud rule (T) and encompasses both the constrained equal-awards rule (A) and the constrained equal-losses rule (L). We study the structural properties of this family of rules and provide a characterization...

This paper introduces the notion of Market Equilibrium With Active Consumers (MEWAC), in order to characterize the efficiency of market outcomes in production economies. We show that, no matter the behaviour followed by the firms, a market equilibrium is efficient if it is a MEWAC. And also that...

This paper analyzes the existence of efficient equilibrium allocations in an economy with many convex and non-convex firms. A Social Equilibrium is defined as a price vector and an allocation satisfying the following properties: a) Consumers satisfy their preferences, subject to their budget...

The purpose of this paper is to offer an exposition of the results on the existence and optimality of equilibria when production sets are not assumed to be convex, in a general equilibrium framework. We aim at providing a formal and systematic account of the main results available, rather than...

This paper deals with the measurement of efficiency differences among countries within a federation. The key tool is the use of a suitable interpretation of the non-substitution theorem in order to get a natural technological standard. Two alternative indices are proposed. One provides a...

It is shown in this paper how for any parametrically given rate of profits p, a price vector and an allocation exist such that: (a) Consumers maximize their preferences subject to their budget constraints; (b) Firms maximize profits; (c) Al1 active firms are equally profitable (with a rate of...

An economy with l commodities, m consumers and n firms is considered. Consumers are modelled in a standard way. It is assumed that the jth firm has a closed and comprehensive production set, Y with O E Y. The equilibrium of firms appears associated to the notion of a pricing rule (a mapping...

This paper focuses on two new properties for bankruptcy rules: preeminence and sustainability. Theypertain to situations when the claims of some agents are much larger than the claims of otheragents. They differ in the way the recommend agents with small claims to be treated. Preeminencerequires...