Walrasian equilibrium as limit of competitive equilibrium without divisible
AbstractWe study economies where all commodities are indivisible at the individual level, but perfectly divisible at the aggregate level. Under general hypotheses over the economy, the ain contribution of this paper is the prove that a rationing equilibrium converge to aWalrasian equilibrium of a limit economy when the level of indivisibility become small. If the non-satiation and the survival assumption are not satisfied at the limit economy, the rationing equilibrium converge to a hierarchic equilibrium.
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Bibliographic InfoPaper provided by University of Chile, Department of Economics in its series Working Papers with number wp214.
Date of creation: May 2005
Date of revision:
competitive equilibrium; indivisible goods; convergence.;
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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- Michael Florig, 2003. "Arbitrary small indivisibilities," Economic Theory, Springer, vol. 22(4), pages 831-843, November.
- Florig, Michael, 2001. "Hierarchic competitive equilibria," Journal of Mathematical Economics, Elsevier, vol. 35(4), pages 515-546, July.
- Alexander Konovalov, 2005. "The core of an economy with satiation," Economic Theory, Springer, vol. 25(3), pages 711-719, 04.
- Kajii, Atsushi, 1996. "How to discard non-satiation and free-disposal with paper money," Journal of Mathematical Economics, Elsevier, vol. 25(1), pages 75-84.
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