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Bargaining Set and Anonymous Core without the Monotonicity Assumption

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  • Chiaki Hara

    ()
    (Institute of Economic Research, Kyoto University and Faculty of Economics, University of Cambridge)

Abstract

We give an example of an atomless exchange economy in which consumers'preference relations are not monotone and in which the bargaining set of Mas-Colell (1989) consists of all allocations satisfying resource constraints, although the set of all Walrasian equilibrium allocations, the core, and the anonymous core of Hara (2002) are all empty. We also give an equivalence theorem for the anonymous core when the preference relations may not be monotone.

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Bibliographic Info

Paper provided by Kyoto University, Institute of Economic Research in its series KIER Working Papers with number 599.

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Length: 12 pages
Date of creation: Nov 2004
Date of revision:
Handle: RePEc:kyo:wpaper:599

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Keywords: Atomless exchange economies; core; bargaining set; anonymous core; equivalence theorems;

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  1. Manelli, Alejandro M., 1991. "Core convergence without monotone preferences and free disposal," Journal of Economic Theory, Elsevier, Elsevier, vol. 55(2), pages 400-415, December.
  2. Husseinov, Farhad, 1999. "Boundary Behavior of Excess Demand and Existence of Equilibrium," Journal of Economic Theory, Elsevier, Elsevier, vol. 87(2), pages 434-449, August.
  3. Broome, John, 1972. "Approximate equilibrium in economies with indivisible commodities," Journal of Economic Theory, Elsevier, Elsevier, vol. 5(2), pages 224-249, October.
  4. Hildenbrand, Werner, 1970. "Existence of Equilibria for Economies with Production and a Measure Space of Consumers," Econometrica, Econometric Society, Econometric Society, vol. 38(5), pages 608-23, September.
  5. Neuefeind, Wilhelm, 1980. "Notes on Existence of Equilibrium Proofs and the Boundary Behavior of Supply," Econometrica, Econometric Society, Econometric Society, vol. 48(7), pages 1831-37, November.
  6. Anderson, Robert M. & Trockel, Walter & Zhou, Lin, 1994. "Nonconvergence of the Mas-Colell and Zhou Bargaining Sets," Department of Economics, Working Paper Series, Department of Economics, Institute for Business and Economic Research, UC Berkeley qt0fc8c73x, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  7. SCHMEIDLER, David, . "Competitive equilibria in markets with a continuum of traders and incomplete preferences," CORE Discussion Papers RP, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) -62, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  8. Manelli, Alejandro M, 1991. "Monotonic Preferences and Core Equivalence," Econometrica, Econometric Society, Econometric Society, vol. 59(1), pages 123-38, January.
  9. Hammond, Peter J, 1979. "Straightforward Individual Incentive Compatibility in Large Economies," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 46(2), pages 263-82, April.
  10. Robert M. Anderson & Walter Tockel & Lin Zhou, 1994. "Nonconvergence of the Mas-Colell and Zhou Bargaining Sets," Game Theory and Information, EconWPA 9403001, EconWPA.
  11. Gerard Debreu, 1956. "Market Equilibrium," Cowles Foundation Discussion Papers, Cowles Foundation for Research in Economics, Yale University 10, Cowles Foundation for Research in Economics, Yale University.
  12. Mas-Colell, Andreu, 1989. "An equivalence theorem for a bargaining set," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 129-139, April.
  13. Chiaki Hara, 2005. "Existence of Equilibria in Economies with Bads," Econometrica, Econometric Society, Econometric Society, vol. 73(2), pages 647-658, 03.
  14. Hara, Chiaki, 2002. "The anonymous core of an exchange economy," Journal of Mathematical Economics, Elsevier, vol. 38(1-2), pages 91-116, September.
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