The Core of an Economy with Transaction Costs
This paper defines a new concept of the core for an economy with transaction costs, and uses this concept to prove a limit theorem for sequences of replica economies. In this way, it provides a rationale for a definition of equilibrium in which agents face a sequence of b udget constraints. Since economies with incomplete markets are specia l cases of economies with transaction costs, the limit theorem also p rovides a rationale for R. Radner's equilibrium of plans, prices, and price expectations. Copyright 1988 by The Review of Economic Studies Limited.
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Volume (Year): 55 (1988)
Issue (Month): 3 (July)
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