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Note on the Core-Walras Equivalence Problem when the Commodity Space is a Banach Lattice

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Konrad Podczeck ()
Abstract

The 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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Paper provided by University of Vienna, Department of Economics in its series Vienna Economics Papers with number 0307.

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Date of creation: Mar 2003
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Handle: RePEc:vie:viennp:0307

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Find related papers by JEL classification:
C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - 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

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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.:
  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. [Downloadable!] (restricted)
  2. 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. [Downloadable!] (restricted)
  3. Ostroy, Joseph M & Zame, William R, 1994. "Nonatomic Economies and the Boundaries of Perfect Competition," Econometrica, Econometric Society, vol. 62(3), pages 593-633, May. [Downloadable!] (restricted)
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