Note on the Core-Walras Equivalence Problem when the Commodity Space is a Banach Lattice
AbstractThe core-Walras equivalence problem for an atomless economy is considered in the commodity space setting of Banach lattices. In particular, necessary and sufficient conditions on the commodity space in order for core-Walras equivalence to hold are established. In general, these conditions can be regarded as implying that an economy with a continuum of agents has indeed "many more agents than commodities". However, it turns out that there are special commoditiy spaces in which core-Walras equivalence holds for every atomless economy satisfying certain standard assumptions, but in which an atomless economy does not have the meaning of there being "many more agents than commodities."
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Bibliographic InfoPaper provided by University of Vienna, Department of Economics in its series Vienna Economics Papers with number 0307.
Date of creation: Mar 2003
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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
- C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
- D41 - Microeconomics - - Market Structure and Pricing - - - Perfect Competition
This paper has been announced in the following NEP Reports:
- NEP-ALL-2003-04-21 (All new papers)
- NEP-GTH-2003-04-21 (Game Theory)
- NEP-MIC-2003-04-21 (Microeconomics)
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"Non-Atomic Economies and the Boundaries of Perfect Competition,"
UCLA Economics Working Papers
502R, UCLA Department of Economics.
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- Joseph M. Ostroy & William R. Zame, 1988. "Non-Atomic Economies and the Boundaries of Perfect Competition," UCLA Economics Working Papers 502, UCLA Department of Economics.
- Tourky, Rabee & Yannelis, Nicholas C., 2001. "Markets with Many More Agents than Commodities: Aumann's "Hidden" Assumption," Journal of Economic Theory, Elsevier, vol. 101(1), pages 189-221, November.
- 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.
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