The Core of an Economy with Transaction Costs
AbstractThis 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 InfoArticle provided by Wiley Blackwell in its journal Review of Economic Studies.
Volume (Year): 55 (1988)
Issue (Month): 3 (July)
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- P.J.J. Herings & H. Peeters, 2001.
"The Strong Sequential Core for Two-period Economies,"
- Predtetchinski, Arkadi & Herings, P. Jean-Jacques & Peters, Hans, 2002. "The strong sequential core for two-period economies," Journal of Mathematical Economics, Elsevier, vol. 38(4), pages 465-482, December.
- Predtetchinski,Arkadi & Herings,Jean-Jacques, 2001. "The Strong Sequential Core for Two-period Economies," Research Memorandum 005, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
- Habis, Helga & Herings, P. Jean-Jacques, 2011.
"Core concepts for incomplete market economies,"
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Elsevier, vol. 47(4-5), pages 595-609.
- 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.).
- 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.
- Ulrich Schwalbe, 1999. "The core of an exchange economy with asymmetric information," Journal of Economics, Springer, vol. 70(2), pages 155-185, June.
- 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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