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On f-Core Equivalence with General Widespread Externalities

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  • Peter J. Hammond

Abstract

Second version: November, 1995. This paper partially extends the f-core equivalence theorem of Hammond, Kaneko and Wooders [7] for continuum economies with widespread externalities --- i.e., those over which each individual has negligible control. Externalities need not result directly from trading activities. Neither free disposal of divisible goods nor monotone preferences are assumed. Instead, a slightly strengthened form of local non-satiation suffices. However, in general it is proved only that any f-core allocation is a weak Nash--Walrasian equilibrium. Finally, the proof uses an elementary argument which does not rely on Lyapunov's theorem or convexity of the integral of a correspondence w.r.t. a non-atomic measure.

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Paper provided by Stanford University, Department of Economics in its series Working Papers with number 95004.

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Handle: RePEc:wop:stanec:95004

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  1. Peter Hammond, 1995. "Four Characterizations Of Constrained Pareto Efficiency In Continuum Economies With Widespread Externalities," The Japanese Economic Review, Japanese Economic Association, vol. 46(2), pages 103-124, 06.
  2. Hammond, Peter J. & Kaneko, Mamoru & Wooders, Myrna Holtz, 1989. "Continuum economies with finite coalitions: Core, equilibria, and widespread externalities," Journal of Economic Theory, Elsevier, vol. 49(1), pages 113-134, October.
  3. Yamazaki, Akira, 1978. "An Equilibrium Existence Theorem without Convexity Assumptions," Econometrica, Econometric Society, vol. 46(3), pages 541-55, May.
  4. M Ali Khan & Kali P Rath & Yeneng Sun, 1994. "On the Existence of Pure Strategy Equilibria in Games with a Continuum of Players," Economics Working Paper Archive 381, The Johns Hopkins University,Department of Economics, revised Feb 1997.
  5. Balder, E. J., 1996. "Comments on the existence of equilibrium distributions," Journal of Mathematical Economics, Elsevier, vol. 25(3), pages 307-323.
  6. Yamazaki, Akira, 1981. "Diversified Consumption Characteristics and Conditionally Dispersed Endowment Distribution: Regularizing Effect and Existence of Equilibria," Econometrica, Econometric Society, vol. 49(3), pages 639-54, May.
  7. Hammond, Peter J., 2007. "History : Sunk Cost, or Widespread Externality?," The Warwick Economics Research Paper Series (TWERPS) 808, University of Warwick, Department of Economics.
  8. Ali Khan, M. & Yamazaki, Akira, 1981. "On the cores of economies with indivisible commodities and a continuum of traders," Journal of Economic Theory, Elsevier, vol. 24(2), pages 218-225, April.
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Cited by:
  1. Kovalenkov, Alexander & Wooders, Myrna Holtz, 2002. "Approximate Cores Of Games And Economies With Clubs," The Warwick Economics Research Paper Series (TWERPS) 634, University of Warwick, Department of Economics.
  2. Kovalenkov, Alexander & Wooders, Myrna Holtz, 2001. "Epsilon Cores of Games with Limited Side Payments: Nonemptiness and Equal Treatment," Games and Economic Behavior, Elsevier, vol. 36(2), pages 193-218, August.
  3. Peter J. Hammond, . "Multilaterally Strategy-Proof Mechanisms in Random Aumann--Hildenbrand Macroeconomies," Working Papers 97022, Stanford University, Department of Economics.
  4. Kovalenkov, Alexander & Wooders, Myrna, 2002. "Advances In The Theory Of Large Cooperative Games And Applications To Club Theory : The Side Payments Case," The Warwick Economics Research Paper Series (TWERPS) 641, University of Warwick, Department of Economics.

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