Discrete representations of a continuum economy
AbstractWe consider an atomless economy in which the continuum of agents is represented by a real interval. By dividing the interval and associating to every agent in each subinterval the same initial endowments and preferences, we define sequences of discrete economies as approximations to the initial continuum economy. We obtain convergence results for the core (or, alternatively, for the set of Walrasian allocations) of the continuum economy in terms of the cores of the approximating discrete economies. Finally, we state some counterexamples which provide a boundary for more general results in this framework.
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Bibliographic InfoPaper provided by Universidad Carlos III de Madrid in its series Open Access publications from Universidad Carlos III de Madrid with number info:hdl:10016/5481.
Length: 40 p.
Date of creation: 2003
Date of revision:
Publication status: Published in Decisions in Economics and Finance (2003) v.vol 26, p.19-38
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Web page: http://www.uc3m.es
Discrete representations; Continuum economy;
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