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Core allocations and small income transfers

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  • Anderson, Robert M.
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    Abstract

    We show that, given any allocation f in the core of an exchange economy, we can find small income transfers and a Walrasian allocation relative to the transfers such that most agents are indifferent between f and . In addition, we can find small income transfers and an approximate Walrasian allocation relative to the transfers such that all agents are indifferent between and f.

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    File URL: http://www.sciencedirect.com/science/article/B6VBY-4WNXV3D-1/2/e220519bb5a56782294d39079e06fea5
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Mathematical Economics.

    Volume (Year): 46 (2010)
    Issue (Month): 4 (July)
    Pages: 373-381

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    Handle: RePEc:eee:mateco:v:46:y:2010:i:4:p:373-381

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    Web page: http://www.elsevier.com/locate/jmateco

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    Keywords: Core convergence Small income transfers;

    References

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    1. Anderson, Robert M, 1985. "Strong Core Theorems with Nonconvex Preferences," Econometrica, Econometric Society, vol. 53(6), pages 1283-94, November.
    2. Debreu, Gerard, 1975. "The rate of convergence of the core of an economy," Journal of Mathematical Economics, Elsevier, vol. 2(1), pages 1-7, March.
    3. Anderson, Robert M & Khan, M Ali & Rashid, Salim, 1982. "Approximate Equilibria with Bounds Independent of Preferences," Review of Economic Studies, Wiley Blackwell, vol. 49(3), pages 473-75, July.
    4. Grodal, Birgit, 1975. "The rate of convergence of the core for a purely competitive sequence of economies," Journal of Mathematical Economics, Elsevier, vol. 2(2), pages 171-186.
    5. Robert M. Anderson, 1981. "Core Theory with Strongly Convex Preferences," Cowles Foundation Discussion Papers 578, Cowles Foundation for Research in Economics, Yale University.
    6. Kim, Wan-Jin, 1986. "On the Rate of Convergence of the Core," Department of Economics, Working Paper Series qt62c3v2mg, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    7. Donald J. Brown & Abraham Robinson, 1972. "The Cores of Large Standard Exchange Economies," Cowles Foundation Discussion Papers 326, Cowles Foundation for Research in Economics, Yale University.
    8. Wan-Jin Kim., 1986. "On the Rate of Convergence of the Core," Economics Working Papers 8617, University of California at Berkeley.
    9. Dierker, Egbert, 1975. "Gains and losses at core allocations," Journal of Mathematical Economics, Elsevier, vol. 2(2), pages 119-128.
    10. Anderson, Robert M., 1987. "Gap-minimizing prices and quadratic core convergence," Journal of Mathematical Economics, Elsevier, vol. 16(1), pages 1-15, February.
    11. Anderson, Robert M, 1988. "The Second Welfare Theorem with Nonconvex Preferences," Econometrica, Econometric Society, vol. 56(2), pages 361-82, March.
    12. Anderson, Robert M, 1978. "An Elementary Core Equivalence Theorem," Econometrica, Econometric Society, vol. 46(6), pages 1483-87, November.
    13. Cheng, Hsueh-Cheng, 1981. "What Is the Normal Rate of Convergence of the Core? (Part I)," Econometrica, Econometric Society, vol. 49(1), pages 73-83, January.
    14. Anderson, Robert M, 1982. "A Market Value Approach to Approximate Equilibria," Econometrica, Econometric Society, vol. 50(1), pages 127-36, January.
    15. Anderson, Robert M., 1992. "The core in perfectly competitive economies," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 1, chapter 14, pages 413-457 Elsevier.
    16. Anderson, Robert M, 1981. "Core Theory with Strongly Convex Preferences," Econometrica, Econometric Society, vol. 49(6), pages 1457-68, November.
    17. Khan, M Ali, 1974. "Some Equivalence Theorems," Review of Economic Studies, Wiley Blackwell, vol. 41(4), pages 549-65, October.
    18. Mas-Colell, Andreu & Neuefeind, Wilhelm, 1977. "Some Generic Properties of Aggregate Excess Demand and an Application," Econometrica, Econometric Society, vol. 45(3), pages 591-99, April.
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