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Welfare properties and core for a competitive equilibrium without divisible

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  • Jorge Rivera C.
  • Michael Florig

Abstract

We study welfare and core equivalence for a competitive equilibrium defined on an economy where all commodities are indivisible at the individual level, but perfectly divisible at the aggregate level. In our model is assumed that thereexists a continuum parameter, which can be interpreted as fiat money and does not participate in the preferences of individuals and could be used to facilitate exchange. Given the existence of equilibria with a strictly positive price of fiat money, we establish a core equivalence result, and First and Second Welfare Theorems.

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Bibliographic Info

Paper provided by University of Chile, Department of Economics in its series Working Papers with number wp213.

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Date of creation: Jan 2005
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Handle: RePEc:udc:wpaper:wp213

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Web page: http://www.econ.uchile.cl/
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Related research

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. Ali Khan, M. & Yamazaki, Akira, 1981. "On the cores of economies with indivisible commodities and a continuum of traders," Journal of Economic Theory, Elsevier, vol. 24(2), pages 218-225, April.
  3. Florig, Michael, 2001. "Hierarchic competitive equilibria," Journal of Mathematical Economics, Elsevier, vol. 35(4), pages 515-546, July.
  4. Martine Quinzii, 1982. "Core and Competitive Equilibria with Indivisibilities," Cowles Foundation Discussion Papers 644, Cowles Foundation for Research in Economics, Yale University.
  5. Alexander Konovalov, 2005. "The core of an economy with satiation," Economic Theory, Springer, vol. 25(3), pages 711-719, 04.
  6. Mas-Colell, Andreu, 1977. "Indivisible commodities and general equilibrium theory," Journal of Economic Theory, Elsevier, vol. 16(2), pages 443-456, December.
  7. Shapley, Lloyd & Scarf, Herbert, 1974. "On cores and indivisibility," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 23-37, March.
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