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The core of an economy with satiation

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  • Alexander Konovalov

Abstract

It has long been known that in economies with satiation, the set of competitive equilibria does not coincide with the limiting core of an economy. In dividend equilibria, introduced independently by a number of authors, the budget excess is allowed to be divided among consumers as dividends and equilibrium existence is restored. In this paper a new notion of blocking which leads to core - dividend equilibrium equivalence is introduced. Specifically, it is shown that an allocation is a dividend equilibrium if and only if a corresponding equal treatment allocation of a large economy is in the core. Copyright Springer-Verlag Berlin/Heidelberg 2005

Suggested Citation

  • Alexander Konovalov, 2005. "The core of an economy with satiation," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 25(3), pages 711-719, April.
    • Handle: RePEc:spr:joecth:v:25:y:2005:i:3:p:711-719
    DOI: 10.1007/s00199-003-0462-4
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    Citations

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    Cited by:

    1. Nizar Allouch & Monique Florenzano, 2012. "Fuzzy Rejective Core of Satiated Economies with Unbounded Consumption Sets," Working Papers 690, Queen Mary University of London, School of Economics and Finance.
    2. Allouch, Nizar & Le Van, Cuong, 2008. "Walras and dividends equilibrium with possibly satiated consumers," Journal of Mathematical Economics, Elsevier, vol. 44(9-10), pages 907-918, September.
    3. Le Van, Cuong & Minh, Nguyen Ba, 2007. "No-arbitrage condition and existence of equilibrium with dividends," Journal of Mathematical Economics, Elsevier, vol. 43(2), pages 135-152, February.
    4. Nizar Allouch & Monique Florenzano, 2011. "Satiated economies with unbounded consumption sets : fuzzy core and equilibrium," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00598038, HAL.
    5. Allouch, Nizar & Florenzano, Monique, 2013. "Edgeworth rejective core and dividends equilibria of satiated exchange economies," Journal of Mathematical Economics, Elsevier, vol. 49(1), pages 1-6.
    6. Nizar Allouch & Monique Florenzano, 2012. "Fuzzy Rejective Core of Satiated Economies with Unbounded Consumption Sets," Working Papers 690, Queen Mary University of London, School of Economics and Finance.
    7. Cuong Le Van & Nguyen Ba Minh, 2007. "No-arbitrage condition and existence of equilibrium with dividends," Post-Print halshs-00101177, HAL.
    8. Florig, Michael & Rivera, Jorge, 2017. "Existence of a competitive equilibrium when all goods are indivisible," Journal of Mathematical Economics, Elsevier, vol. 72(C), pages 145-153.
    9. Ken Urai & Hiromi Murakami, 2015. "An Axiomatic Characterization of the Price-Money Message Mechanism," Discussion Papers in Economics and Business 15-31-Rev., Osaka University, Graduate School of Economics, revised Mar 2016.
    10. Michael Florig & Jorge Rivera Cayupi, 2015. "Walrasian equilibrium as limit of a competitive equilibrium without divisible goods," Working Papers wp404, University of Chile, Department of Economics.
    11. Jorge Rivera & Michael Florig, 2004. "Indivisible Goods and Fiat Money," Econometric Society 2004 Latin American Meetings 167, Econometric Society.
    12. Jorge Rivera C. & Michael Florig, 2005. "Welfare properties and core for a competitive equilibrium without divisible," Working Papers wp213, University of Chile, Department of Economics.
    13. Hiromi Murakami & Ken Urai, 2016. "Replica Core Limit Theorem for Economy with Satiation," Discussion Papers in Economics and Business 16-09, Osaka University, Graduate School of Economics.
    14. Hiromi Murakami & Ken Urai, 2017. "Replica core limit theorem for economies with satiation," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 5(2), pages 259-270, October.
    15. Takekuma, Shin-Ichi & 武隈, 愼一, 2013. "The Rejective Core of an Economy with Profit-Making Firms," Discussion Papers 2013-10, Graduate School of Economics, Hitotsubashi University.
    16. Florig, Michael & Rivera, Jorge, 2010. "Core equivalence and welfare properties without divisible goods," Journal of Mathematical Economics, Elsevier, vol. 46(4), pages 467-474, July.
    17. Jorge Rivera C. & Michael Florig, 2005. "Walrasian equilibrium as limit of competitive equilibrium without divisible," Working Papers wp214, University of Chile, Department of Economics.
    18. Urai, Ken & Murakami, Hiromi, 2016. "Replica core equivalence theorem: An extension of the Debreu–Scarf limit theorem to double infinity monetary economies," Journal of Mathematical Economics, Elsevier, vol. 66(C), pages 83-88.
    19. Allouch, Nizar & Le Van, Cuong, 2008. "Walras and dividends equilibrium with possibly satiated consumers," Journal of Mathematical Economics, Elsevier, vol. 44(9-10), pages 907-918, September.

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