Strong core equivalence theorem in an atomless economy with indivisible commodities

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Strong core equivalence theorem in an atomless economy with indivisible commodities

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Tomoki Inoue () (Institute of Mathematical Economics, Bielefeld University)

Abstract

We consider an atomless exchange economy with indivisible commodities. Every commodity can be consumed only in integer amounts. In such an economy, because of the indivisibility, the preference maximization does not imply the cost minimization. We prove that the strong core coincides with the set of cost-minimized Walras allocations which satisfy both the preference maximization and the cost minimization under the same price vector.

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Paper provided by Bielefeld University, Institute of Mathematical Economics in its series Working Papers with number 418.

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Length: 17 pages
Date of creation: Mar 2009
Date of revision:
Handle: RePEc:bie:wpaper:418

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Find related papers by JEL classification:
C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

This paper has been announced in the following NEP Reports:

NEP-ALL-2009-04-13 (All new papers)
NEP-GTH-2009-04-13 (Game Theory)

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Shapley, Lloyd & Scarf, Herbert, 1974. "On cores and indivisibility," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 23-37, March. [Downloadable!] (restricted)
Inoue, Tomoki, 2005. "Do pure indivisibilities prevent core equivalence? Core equivalence theorem in an atomless economy with purely indivisible commodities only," Journal of Mathematical Economics, Elsevier, vol. 41(4-5), pages 571-601, August. [Downloadable!] (restricted)
Tomoki Inoue, 2009. "Indivisible commodities and an equivalence theorem on the strong core," Working Papers 417, Bielefeld University, Institute of Mathematical Economics. [Downloadable!]
Mas-Colell, Andreu, 1977. "Indivisible commodities and general equilibrium theory," Journal of Economic Theory, Elsevier, vol. 16(2), pages 443-456, December. [Downloadable!] (restricted)
Roth, Alvin E. & Postlewaite, Andrew, 1977. "Weak versus strong domination in a market with indivisible goods," Journal of Mathematical Economics, Elsevier, vol. 4(2), pages 131-137, August. [Downloadable!] (restricted)
Yamazaki, Akira, 1981. "Diversified Consumption Characteristics and Conditionally Dispersed Endowment Distribution: Regularizing Effect and Existence of Equilibria," Econometrica, Econometric Society, vol. 49(3), pages 639-54, May. [Downloadable!] (restricted)

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Tomoki Inoue, 2009. "Indivisible commodities and an equivalence theorem on the strong core," Working Papers 417, Bielefeld University, Institute of Mathematical Economics. [Downloadable!]

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This page was last updated on 2009-12-3.

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