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Satiated economies with unbounded consumption sets : fuzzy core and equilibrium

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  • Nizar Allouch

    ()
    (Queen Mary, University of London - QMUL (Londres, Angleterre) - Queen Mary, University of London - QMUL (Londres, Angleterre))

  • Monique Florenzano

    ()
    (CES - Centre d'économie de la Sorbonne - CNRS : UMR8174 - Université Paris I - Panthéon-Sorbonne, EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics - Ecole d'Économie de Paris)

Abstract

For an exchange economy, under assumptions which did not bring about the existence of quasiequilibrium with dividends as yet, we prove the nonemptiness of the fuzzy rejective core. Then, via Konovalov (1998, 2005)'s equivalence result, we solve the equilibrium (with dividends) existence problem. In a last section, we show the existence of a Walrasian quasiequilibrium under a weak non-satiation condition which differs from the weak non-satiation assumption introduced by Allouch-Le Van (2009). This result, designed for exchange economies whose consumers' utility functions are not assumed to be upper semicontinuous, complements the one obtained by Martins-da-Rocha and Monteiro (2009).

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Paper provided by HAL in its series Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) with number halshs-00598038.

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Date of creation: May 2011
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Handle: RePEc:hal:cesptp:halshs-00598038

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Keywords: Exchange economy; satiation; equilibrium with dividends; rejective core; fuzzy rejective core; core equivalence.;

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  1. Martins-da-Rocha, V. Filipe & Monteiro, Paulo K., 2009. "Unbounded exchange economies with satiation: How far can we go?," Journal of Mathematical Economics, Elsevier, vol. 45(7-8), pages 465-478, July.
  2. Konovalov, A., 1998. "Core Equivalence in Economies With Satiation," Discussion Paper, Tilburg University, Center for Economic Research 1998-80, Tilburg University, Center for Economic Research.
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