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A theory of a heterogeneous divisible commodity exchange economy

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  • Husseinov, Farhad
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    Abstract

    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.

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    File URL: http://www.sciencedirect.com/science/article/B6VBY-51PH1HP-1/2/4c812d00e3e07444fa9782ee1f3b03af
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    Bibliographic Info

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

    Volume (Year): 47 (2011)
    Issue (Month): 1 (January)
    Pages: 54-59

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    Handle: RePEc:eee:mateco:v:47:y:2011:i:1:p:54-59

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

    Related research

    Keywords: Heterogeneous divisible commodity Exchange economy Land trading economy Competitive equilibrium Core Fair division;

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    1. Bewley, Truman F., 1972. "Existence of equilibria in economies with infinitely many commodities," Journal of Economic Theory, Elsevier, vol. 4(3), pages 514-540, June.
    2. Gale, D. & Mas-Colell, A., 1975. "An equilibrium existence theorem for a general model without ordered preferences," Journal of Mathematical Economics, Elsevier, vol. 2(1), pages 9-15, March.
    3. Chambers, Christopher P., 2005. "Allocation rules for land division," Journal of Economic Theory, Elsevier, vol. 121(2), pages 236-258, April.
    4. Berliant, M.C. & Dunz, K., 1991. "A Foundation of Location Theory : Exstence of Equilibrium, the Welfare Theorems and Core," RCER Working Papers 298, University of Rochester - Center for Economic Research (RCER).
    5. Berliant, Marcus, 1985. "An equilibrium existence result for an economy with land," Journal of Mathematical Economics, Elsevier, vol. 14(1), pages 53-56, February.
    6. Weller, Dietrich, 1985. "Fair division of a measurable space," Journal of Mathematical Economics, Elsevier, vol. 14(1), pages 5-17, February.
    7. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
    8. Berliant, Marcus & Thomson, William & Dunz, Karl, 1992. "On the fair division of a heterogeneous commodity," Journal of Mathematical Economics, Elsevier, vol. 21(3), pages 201-216.
    9. Dunz, Karl, 1991. "On the core of a land trading game," Regional Science and Urban Economics, Elsevier, vol. 21(1), pages 73-88, May.
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