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The Core of an Economy with Transaction Costs

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  • Repullo, Rafael

Abstract

This paper defines a new concept of the core for an economy with transaction costs, and uses this concept to prove a limit theorem for sequences of replica economies. In this way, it provides a rationale for a definition of equilibrium in which agents face a sequence of b udget constraints. Since economies with incomplete markets are specia l cases of economies with transaction costs, the limit theorem also p rovides a rationale for R. Radner's equilibrium of plans, prices, and price expectations. Copyright 1988 by The Review of Economic Studies Limited.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Review of Economic Studies.

Volume (Year): 55 (1988)
Issue (Month): 3 (July)
Pages: 447-58

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Handle: RePEc:bla:restud:v:55:y:1988:i:3:p:447-58

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Cited by:
  1. P.J.J. Herings & H. Peeters, 2001. "The Strong Sequential Core for Two-period Economies," Microeconomics 0111002, EconWPA.
  2. Habis, Helga & Herings, P. Jean-Jacques, 2011. "Core concepts for incomplete market economies," Journal of Mathematical Economics, Elsevier, vol. 47(4-5), pages 595-609.
  3. Charles P. Thomas, 1993. "The role of fiscal policy in an incomplete markets framework," International Finance Discussion Papers 451, Board of Governors of the Federal Reserve System (U.S.).
  4. Habis, Helga, 2012. "Sztochasztikus csődjátékok - avagy hogyan osszunk szét egy bizonytalan méretű tortát?
    [Stochastic bankruptcy games. How can a cake of uncertain dimensions be divided?]
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 1299-1310.
  5. Ulrich Schwalbe, 1999. "The core of an exchange economy with asymmetric information," Journal of Economics, Springer, vol. 70(2), pages 155-185, June.
  6. Habis Helga & Herings P. Jean-Jacques, 2009. "Cooperation Under Incomplete Contracting," Research Memorandum 026, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).

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