The Permissible and the Forbidden. / Richter, Michael; Rubinstein, Ariel.

In: Journal of Economic Theory, 22.03.2020.

Research output: Contribution to journalArticle

Forthcoming

Standard

The Permissible and the Forbidden. / Richter, Michael; Rubinstein, Ariel.

In: Journal of Economic Theory, 22.03.2020.

Research output: Contribution to journalArticle

Harvard

Richter, M & Rubinstein, A 2020, 'The Permissible and the Forbidden', Journal of Economic Theory.

APA

Richter, M., & Rubinstein, A. (Accepted/In press). The Permissible and the Forbidden. Journal of Economic Theory.

Vancouver

Richter M, Rubinstein A. The Permissible and the Forbidden. Journal of Economic Theory. 2020 Mar 22.

Author

Richter, Michael ; Rubinstein, Ariel. / The Permissible and the Forbidden. In: Journal of Economic Theory. 2020.

BibTeX

@article{85b9966f1f52485fa05f468aee9f7a61,
title = "The Permissible and the Forbidden",
abstract = "In many economic situations, neither prices nor authority rules. Rather, individual behavior is governed by social norms that specify what is allowed (socially acceptable) and what is forbidden (socially unacceptable). These norms can emerge in a decentralized way and can serve as a method to bring order to economic situations. The key component of our solution concept is a uniform permissible set which plays a role parallel to that of a price system in competitive equilibrium. The concept is analysed and applied to a variety of economic and social settings.",
keywords = "Equilibrium, General Equilibrium, Social norms, Convexity, Envy-Free",
author = "Michael Richter and Ariel Rubinstein",
year = "2020",
month = mar
day = "22",
language = "English",
journal = "Journal of Economic Theory",
issn = "0022-0531",
publisher = "Academic Press Inc.",

}

RIS

TY - JOUR

T1 - The Permissible and the Forbidden

AU - Richter, Michael

AU - Rubinstein, Ariel

PY - 2020/3/22

Y1 - 2020/3/22

N2 - In many economic situations, neither prices nor authority rules. Rather, individual behavior is governed by social norms that specify what is allowed (socially acceptable) and what is forbidden (socially unacceptable). These norms can emerge in a decentralized way and can serve as a method to bring order to economic situations. The key component of our solution concept is a uniform permissible set which plays a role parallel to that of a price system in competitive equilibrium. The concept is analysed and applied to a variety of economic and social settings.

AB - In many economic situations, neither prices nor authority rules. Rather, individual behavior is governed by social norms that specify what is allowed (socially acceptable) and what is forbidden (socially unacceptable). These norms can emerge in a decentralized way and can serve as a method to bring order to economic situations. The key component of our solution concept is a uniform permissible set which plays a role parallel to that of a price system in competitive equilibrium. The concept is analysed and applied to a variety of economic and social settings.

KW - Equilibrium

KW - General Equilibrium

KW - Social norms

KW - Convexity

KW - Envy-Free

M3 - Article

JO - Journal of Economic Theory

JF - Journal of Economic Theory

SN - 0022-0531

ER -