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Existence of an equilibrium in a competitive economy with indivisibilities and money

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Author Info
Laan, G. van der
Talman, D.
Yang, Z. (Tilburg University, Center for Economic Research)

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Abstract

In this paper we introduce a model of an exchange economy with indivisible goods and money. There are nitely many agents each of whom owns one unit of each of nitely many di erent types of indivisible goods and certain amount of money. Each type of indivisible good is subject to quality di erentiation. We demonstrate that under fairly mild conditions on demand the economy has a price equilibrium. The proof is based on a generalization of the well-known lemma of Knaster, Kuratowski and Mazurkiewicz (KKM) in combinatorial topology. The results in the paper generalize those of Gale in case of just one indivisible good present in the economy.

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Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 35.

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Date of creation: 1996
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Handle: RePEc:dgr:kubcen:199635

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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.:
  1. Shapley, Lloyd & Scarf, Herbert, 1974. "On cores and indivisibility," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 23-37, March. [Downloadable!] (restricted)
  2. Herbert E. Scarf, 1994. "The Allocation of Resources in the Presence of Indivisibilities," Cowles Foundation Discussion Papers 1068, Cowles Foundation, Yale University. [Downloadable!]
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  3. Martine Quinzii, 1982. "Core and Competitive Equilibria with Indivisibilities," Cowles Foundation Discussion Papers 644, Cowles Foundation, Yale University. [Downloadable!]
  4. Kaneko, Mamoru & Yamamoto, Yoshitsugu, 1986. "The existence and computation of competitive equilibria in markets with an indivisible commodity," Journal of Economic Theory, Elsevier, vol. 38(1), pages 118-136, February. [Downloadable!] (restricted)
  5. Kelso, Alexander S, Jr & Crawford, Vincent P, 1982. "Job Matching, Coalition Formation, and Gross Substitutes," Econometrica, Econometric Society, vol. 50(6), pages 1483-1504, November. [Downloadable!] (restricted)
  6. Kaneko, Mamoru, 1982. "The central assignment game and the assignment markets," Journal of Mathematical Economics, Elsevier, vol. 10(2-3), pages 205-232, September. [Downloadable!] (restricted)
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(explanations, 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.)

  1. Koshevoy, Gleb A. & Talman, Dolf, 2006. "Competitive equilibria in economies with multiple divisible and indivisible commodities and no money," Discussion Paper 51, Tilburg University, Center for Economic Research. [Downloadable!]
  2. Laan, G. van der & Talman, D. & Yang, Z., 1999. "Existence and welfare properties of equilibrium in an exchange economy with multiple divisible, indivisible commodities and linear production technologies," Discussion Paper 76, Tilburg University, Center for Economic Research. [Downloadable!]
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  3. Ning Sun & Zaifu Yang, 2008. "A Double-Track Auction for Substitutes and Complements," Working Papers 656, Kyoto University, Institute of Economic Research. [Downloadable!]
  4. Koshevoy, G.A. & Talman, D., 2002. "Competitive equilibria in economies with multiple divisible and multiple indivisible commodities," Discussion Paper 71, Tilburg University, Center for Economic Research. [Downloadable!]
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