Core allocations may not be Walras allocations in any large finite economy with indivisible commodities

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Core allocations may not be Walras allocations in any large finite economy with indivisible commodities

Author Info

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

Abstract

We consider an exchange economy where every commodity can be consumed only in integer amounts. Inoue [Inoue, T., 2005. Do pure indivisibilities prevent core equivalence? Core equivalence theorem in an atomless economy with purely indivisible commodities only. Journal of Mathematical Economics 41, 571-601] proved that in such an economy with a continuum of agents, the core coincides with the set of Walras allocations. We show that this equivalence holds only in an atomless economy by giving two examples of the sequence of replica economies such that in any replica economy, there exists a core allocation that is not a Walras allocation.

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Paper provided by Bielefeld University, Institute of Mathematical Economics in its series Working Papers with number 419.

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Length: 15 pages
Date of creation: Mar 2009
Date of revision:
Handle: RePEc:bie:wpaper:419

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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.:

Anderson, Robert M, 1978. "An Elementary Core Equivalence Theorem," Econometrica, Econometric Society, vol. 46(6), pages 1483-87, November. [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!]
Inoue, Tomoki, 2008. "Indivisible commodities and the nonemptiness of the weak core," Journal of Mathematical Economics, Elsevier, vol. 44(2), pages 96-111, January. [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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