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A theory of a heterogeneous divisible commodity exchange economy

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  • Husseinov, Farhad

Abstract

In theoretical land economics the existence of a competitive equilibrium with an additive price is considered problematic. This paper studies the exchange and allocation of a heterogeneous divisible commodity such as land, which is modeled as a measurable space. In a [`]land' trading economy with unordered convex preferences, the existence of a competitive equilibrium with an additive equilibrium price is proved. This paper demonstrates also the existence of a weak core and a fair allocation.

Suggested Citation

  • Husseinov, Farhad, 2011. "A theory of a heterogeneous divisible commodity exchange economy," Journal of Mathematical Economics, Elsevier, vol. 47(1), pages 54-59, January.
  • Handle: RePEc:eee:mateco:v:47:y:2011:i:1:p:54-59
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    References listed on IDEAS

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