Welfare Theorema and Core Equivalence without Divisible Goods
AbstractWe 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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Bibliographic InfoPaper provided by University of Chile, Department of Economics in its series Working Papers with number wp197.
Date of creation: Oct 2002
Date of revision:
indivisible goods; competitive equilibrium; Pareto optimum; core.;
Find related papers by JEL classification:
- C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
- D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
- E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
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- Florig, Michael, 2001. "Hierarchic competitive equilibria," Journal of Mathematical Economics, Elsevier, vol. 35(4), pages 515-546, July.
- Broome, John, 1972. "Approximate equilibrium in economies with indivisible commodities," Journal of Economic Theory, Elsevier, vol. 5(2), pages 224-249, October.
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