Advanced Search
MyIDEAS: Login to save this paper or follow this series

On Core-Walras (Non-) Equivalence for Economies with a Large Commodity Space

Contents:

Author Info

Registered author(s):

    Abstract

    Addressing a question raised by Tourky and Yannelis (1998), we show that given any non-separable Banach space as commodity space and giben any atomless measure space of agents, there is an economy fulfilling the usual standard assumptions but having a core allocation not supportable as a Walrasion equilibrium, and in fact, having no Walrasian equilibria at all. We shall also consider the framework of economies with weakly compact consuption sets as developed by Khan and Yannelis (1991). We prove that in this setting the core of an economy with a measure space of traders is non-empty, regardless of wheter or not the commodity space is separable. On the other hand, we show that when the commodity space contains weakly compact subsets that are non-separable, than, again, there are atomless economies for which core-Walras equivalence fails. Thus, in particular, for very large commodity spaces the notion of the core seems to be more robust than that of a Walrasian equilibrium.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL: http://homepage.univie.ac.at/Papers.Econ/RePEc/vie/viennp/vie0107.pdf
    Download Restriction: no

    Bibliographic Info

    Paper provided by University of Vienna, Department of Economics in its series Vienna Economics Papers with number 0107.

    as in new window
    Length:
    Date of creation: May 2001
    Date of revision:
    Handle: RePEc:vie:viennp:0107

    Contact details of provider:
    Web page: http://www.univie.ac.at/vwl

    Related research

    Keywords:

    Find related papers by JEL classification:

    References

    References listed on IDEAS
    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
    as in new window
    1. Rustichini, Aldo & Yannelis, Nicholas C., 1991. "Edgeworth's conjecture in economies with a continuum of agents and commodities," Journal of Mathematical Economics, Elsevier, vol. 20(3), pages 307-326.
    2. Konard Podczeck, 1997. "Markets with infinitely many commodities and a continuum of agents with non-convex preferences (*)," Economic Theory, Springer, vol. 9(3), pages 385-426.
    3. Tourky, R. & Yannelis, N.C., 1998. "Market with Many More Agents than Commodities," Department of Economics - Working Papers Series 652, The University of Melbourne.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as in new window

    Cited by:
    1. Filipe Martins-da-Rocha, V., 2003. "Equilibria in large economies with a separable Banach commodity space and non-ordered preferences," Journal of Mathematical Economics, Elsevier, vol. 39(8), pages 863-889, November.

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:vie:viennp:0107. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Paper Administrator).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.