The authors examine core convergence for economies with a large finite number of agents and an infinite number of commodities. They find a serious disconnection between economies with a large finite number of agents and economies with a continuum of agents: the authors provide examples of nonconvergence of the core for large finite economies in L[superscript 1], a commodity space for which core equivalence holds for continuum economies. In addition, they show that, if preferences exhibit uniformly vanishing marginal utility of consumption at infinity, core convergence is restored.
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Article provided by Econometric Society in its journal Econometrica.
Volume (Year): 65 (1997) Issue (Month): 2 (March) Pages: 225-274 Download reference. The following formats are available: HTML
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