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Edgeworth's Conjecture with Infinitely Many Commodities

Author

Listed:
  • Anderson, Robert M.
  • Zame, William R.

Abstract

The authors examine core convergence for economies with a large finite number of agents and an infinite number of commodities. They find a serious disconnection between economies with a large finite number of agents and economies with a continuum of agents: the authors provide examples of nonconvergence of the core for large finite economies in L[superscript 1], a commodity space for which core equivalence holds for continuum economies. In addition, they show that, if preferences exhibit uniformly vanishing marginal utility of consumption at infinity, core convergence is restored.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Anderson, Robert M. & Zame, William R., 1995. "Edgeworth's Conjecture with Infinitely Many Commodities," Department of Economics, Working Paper Series qt5kb2x3cd, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    • Handle: RePEc:cdl:econwp:qt5kb2x3cd
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    Citations

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    Cited by:

    1. Roberto Serrano & Rajiv Vohra & Oscar Volij, 2001. "On the Failure of Core Convergence in Economies with Asymmetric Information," Econometrica, Econometric Society, vol. 69(6), pages 1685-1696, November.
    2. Martins-da-Rocha, V. Filipe & Riedel, Frank, 2010. "On equilibrium prices in continuous time," Journal of Economic Theory, Elsevier, vol. 145(3), pages 1086-1112, May.
    3. Roberto Serrano & Oscar Volij, 2003. "MISTAKE IN COOPERATION:the Stochastic Stability of Edgeworth's Recontracting," Working Papers 2003-23, Brown University, Department of Economics.
    4. Gretsky, Neil E. & Ostroy, Joseph M. & Zame, William R., 1999. "Perfect Competition in the Continuous Assignment Model," Journal of Economic Theory, Elsevier, vol. 88(1), pages 60-118, September.
    5. Herves-Beloso, Carlos & Moreno-Garcia, Emma & Nunez-Sanz, Carmelo & Rui Pascoa, Mario, 2000. "Blocking Efficacy of Small Coalitions in Myopic Economies," Journal of Economic Theory, Elsevier, vol. 93(1), pages 72-86, July.
    6. Roberto Serrano & Oscar Volij, 2008. "Mistakes in Cooperation: the Stochastic Stability of Edgeworth's Recontracting," Economic Journal, Royal Economic Society, vol. 118(532), pages 1719-1741, October.
    7. Sun, Guang-Zhen & Yang, Xiaokai & Zhou, Lin, 2004. "General equilibria in large economies with endogenous structure of division of labor," Journal of Economic Behavior & Organization, Elsevier, vol. 55(2), pages 237-256, October.
    8. M. Ali Khan & Kali P. Rath, 2011. "The Shapley-Folkman Theorem and the Range of a Bounded Measure: An Elementary and Unified Treatment," Economics Working Paper Archive 586, The Johns Hopkins University,Department of Economics.
    9. Charalambos Aliprantis & Kim Border & Owen Burkinshaw, 1996. "Market economies with many commodities," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 19(1), pages 113-185, March.

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