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On Core-Walras Equivalence in Banach Spaces when Feasibility is defined by the Pettis Integral

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    Abstract

    The paper studies the core-Walras equivalence problem in the commodity space framework of Banach spaces, allocations being defined as Pettis integrable functions. In particular, a core-Walras equivalence result for a certain class of commodity spaces is established, without requiring that the commodity space be separable. on the other hand, responding to objections made against some recent core-Walras nonequivalence results in the Bochner integrable allocations setting, it is shown that these latter results carry over to the pettis integrable allocations setting, unless additional restrictions on the heterogeneity of agents´ preferences are in force.

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    File URL: http://homepage.univie.ac.at/Papers.Econ/RePEc/vie/viennp/vie0403.pdf
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    Paper provided by University of Vienna, Department of Economics in its series Vienna Economics Papers with number 0403.

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    Date of creation: Dec 2003
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    Handle: RePEc:vie:viennp:0403

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    Web page: http://www.univie.ac.at/vwl

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    1. Mas-Colell, Andreu, 1975. "A model of equilibrium with differentiated commodities," Journal of Mathematical Economics, Elsevier, vol. 2(2), pages 263-295.
    2. 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.
    3. 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.
    4. Bewley, Truman F, 1973. "The Equality of the Core and the Set of Equilibria in Economies with Infinitely Many Commodities and a Continuum of Agents," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 14(2), pages 383-94, June.
    5. 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.
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