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Welfare Theorema and Core Equivalence without Divisible Goods

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  • Michael Florig
  • Jorge Rivera Cayupi
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    Abstract

    We study economies where all commodities are indivisible at the individual level, but perfectly divisible at the aggregate level. Paper (fiat) money which does not influence agents preferences may be used to facilitate exchange. In a parallel paper (Florig and Rivera (2002), we introduced a competitive equilibrium notion for such a set up called rationing equilibrium. Here, we will establish welfare theorema and a core equivalence result for this equilibrium notion..

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    File URL: http://www.econ.uchile.cl/uploads/publicacion/05105e53-1fd1-4888-aa5f-962d05d1e5f4.pdf
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    Bibliographic Info

    Paper provided by University of Chile, Department of Economics in its series Working Papers with number wp197.

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    Date of creation: Oct 2002
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    Handle: RePEc:udc:wpaper:wp197

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    Keywords: indivisible goods; competitive equilibrium; Pareto optimum; core.;

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    1. Broome, John, 1972. "Approximate equilibrium in economies with indivisible commodities," Journal of Economic Theory, Elsevier, vol. 5(2), pages 224-249, October.
    2. Florig, Michael, 2001. "Hierarchic competitive equilibria," Journal of Mathematical Economics, Elsevier, vol. 35(4), pages 515-546, July.
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