In the production model with a one-input - one-output technology, we study welfare lower bounds that give a guarantee of welfare to each agent independent of the others' preferences. We obtain characterizations of egalitarian-equivalent allocation rules on the basis of two weak lower bounds, in striking contrast with Moulin's characterization of the equal budget Walrasian solution on a slightly smaller domain with a more demanding lower bound. Journal of Economic Literature Classification Numbers: C71, D63.
All Science Journal Classification (ASJC) codes
- Economics and Econometrics