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Free disposal, monotonicity and equilibrium

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  • Yang, Yi-You

Abstract

This paper studies the effect of free disposal on the existence of Walrasian equilibrium for exchange economies with indivisible objects. It is shown that allowing an agent to enjoy free disposal has the same effect for generating an equilibrium (or eliminating existing equilibria) as allowing every agent to enjoy free disposal. A new equilibrium existence theorem is given to show how this observation can enhance the existence results by Kelso and Crawford (1982) and Sun and Yang (2006).

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File URL: http://mpra.ub.uni-muenchen.de/42585/
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File URL: http://mpra.ub.uni-muenchen.de/42586/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 42585.

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Date of creation: 13 Nov 2012
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Handle: RePEc:pra:mprapa:42585

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Keywords: Indivisibility; equilibrium; free disposal; monotonic cover;

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  1. Gul, Faruk & Stacchetti, Ennio, 1999. "Walrasian Equilibrium with Gross Substitutes," Journal of Economic Theory, Elsevier, vol. 87(1), pages 95-124, July.
  2. Jinpeng Ma, 1998. "Competitive Equilibrium with Indivisibilities," Departmental Working Papers 199809, Rutgers University, Department of Economics.
  3. Bikhchandani, Sushil & Mamer, John W., 1997. "Competitive Equilibrium in an Exchange Economy with Indivisibilities," Journal of Economic Theory, Elsevier, vol. 74(2), pages 385-413, June.
  4. Ma, Jinpeng, 1998. "Competitive Equilibrium with Indivisibilities," Journal of Economic Theory, Elsevier, vol. 82(2), pages 458-468, October.
  5. Ning Sun & Zaifu Yang, 2006. "Equilibria and Indivisibilities: Gross Substitutes and Complements," Econometrica, Econometric Society, vol. 74(5), pages 1385-1402, 09.
  6. 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.
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