1987 | OriginalPaper | Chapter
On the Fair Allocation of Indivisible Goods
Author : Eric S. Maskin
Published in: Arrow and the Foundations of the Theory of Economic Policy
Publisher: Palgrave Macmillan UK
Included in: Professional Book Archive
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Kenneth Arrow had a major hand in establishing two of the fundamental results of general equilibrium theory: the existence of a competitive equilibrium (Arrow and Debreu 1954) and the decentrali-zability of a Pareto optimum (Arrow 1951). In this chapter, we are concerned with general equilibrium in a setting where some goods are indivisible. Hence, several hypotheses that are standard in equilibrium analysis are not satisfied. None the less, as we will see, the classic Arrow-Debreu techniques can be suitably modified to overcome this difficulty.