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Fuzzy Rejective Core of Satiated Economies with Unbounded Consumption Sets

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  • Nizar Allouch

    ()
    (Queen Mary, University of London)

  • Monique Florenzano

    (Paris School of Economics)

Abstract

For an exchange economy, under assumptions which did not bring about the existence of equilibrium with dividends as yet, we prove the non-emptiness of the fuzzy rejective core. Then, via Konovalov (1998, 2005)'s equivalence result, we solve the equilibrium with dividends existence problem. Adding to the same assumptions a weak non-satiation condition which differs from the weak non-satiation assumption introduced by Allouch-Le Van (2009), we show in a last section the existence of a Walrasian quasiequilibrium. This result, which fits with 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 Queen Mary, University of London, School of Economics and Finance in its series Working Papers with number 690.

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Date of creation: Mar 2012
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Handle: RePEc:qmw:qmwecw:wp690

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Keywords: Exchange economy; Satiation; Equilibrium with dividends; Rejective core; Fuzzy rejective core; Core equivalence;

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  1. Nizar Allouch, 2000. "Edgeworth and Walras Equilibria of an Arbitrage-Free Exchange Economy," Econometric Society World Congress 2000 Contributed Papers 1901, Econometric Society.
  2. Le Van, Cuong & Minh, Nguyen Ba, 2007. "No-arbitrage condition and existence of equilibrium with dividends," Journal of Mathematical Economics, Elsevier, vol. 43(2), pages 135-152, February.
  3. 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.
  4. Nizar Allouch & Cuong Le Van, 2008. "Walras and dividends equilibrium with possibly satiated consumers," Working Papers 08, Development and Policies Research Center (DEPOCEN), Vietnam.
  5. Konovalov, A., 1998. "Core Equivalence in Economies With Satiation," Discussion Paper 1998-80, Tilburg University, Center for Economic Research.
  6. Alexander Konovalov, 2005. "The core of an economy with satiation," Economic Theory, Springer, vol. 25(3), pages 711-719, 04.
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