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A Note on Aumann's Core Equivalence Theorem without Monotonicity

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Author Info
Honda, Jun
Takekuma, Shin-Ichi
Abstract

In an exchange economy with a continuum of traders, we establish the equivalence theorem on the core and the set of competitive allocations without assuming monotonicity of traders' preferences. Under weak assumptions we provide two alternative core equivalence theorems. The first one is for irreducible economies under Debreu's assumption on quasi-equilibria. The second one is an extension of Aumann's theorem under weaker assumptions than monotonicity.

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File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/17419/3/070econDP09-04.pdf
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Paper provided by Graduate School of Economics, Hitotsubashi University in its series Discussion Papers with number 2009-04.

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Length: 17 p.
Date of creation: Apr 2009
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Handle: RePEc:hit:econdp:2009-04

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Related research
Keywords: core; equivalence; monotonicity; quasi-equilibrium; irreducibility;

Find related papers by JEL classification:
C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
D41 - Microeconomics - - Market Structure and Pricing - - - Perfect Competition
D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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This page was last updated on 2009-11-11.

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