Existence of an Equilibrium in a General Competitive Exchange Economy with Indivisible Goods and Money
We introduce a general competitive exchange economy with indivisible goods and money. There are finitely many agents and finitely many indivisible goods. Each agent is initially endowed with several units of each indivisible good and certain amount of money. Money is treated as a perfectly divisible good. The agents¡¯ preferences depend on the bundle of indivisible goods and the quantity of money they consume. Preferences are quite general and are not required to be quasilinear in money. We derive a necessary and sufficient condition for the existence of a competitive equilibrium in the economy. The model and the existence results we provide here unify and extend most models and existence results that have appeared in the literature.
References listed on IDEAS
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.:
- Shapley, Lloyd & Scarf, Herbert, 1974. "On cores and indivisibility," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 23-37, March.
- van der Laan, Gerard & Talman, Dolf & Yang, Zaifu, 1997.
"Existence of an equilibrium in a competitive economy with indivisibilities and money,"
Journal of Mathematical Economics,
Elsevier, vol. 28(1), pages 101-109, August.
- van der Laan, G. & Talman, A.J.J. & Yang, Z.F., 1996. "Existence of an Equilibrium in a Competitive Economy with Indivisibilities and Money," Discussion Paper 1996-35, Tilburg University, Center for Economic Research.
- van der Laan, G. & Talman, A.J.J. & Yang, Z.F., 1997. "Existence of an equilibrium in a competitive economy with indivisibilities and money," Other publications TiSEM d8160f44-5f61-430b-9a31-e, Tilburg University, School of Economics and Management.
- Bevia, Carmen & Quinzii, Martine & Silva, Jose A., 1999. "Buying several indivisible goods," Mathematical Social Sciences, Elsevier, vol. 37(1), pages 1-23, January.
- Carmen Bevia & Martine Quinzii & JosŽ A. Silva, "undated". "Buying Several Indivisible Goods," Department of Economics 97-20, California Davis - Department of Economics.
- Martine Quinzii & Carmen Bevia & JosÅ A. Silva, 2003. "Buying Several Indivisible Goods," Working Papers 9720, University of California, Davis, Department of Economics.
- Carmen Beviá Baeza & José Angel Silva Reus, 1997. "Buying several indivisible goods," Working Papers. Serie AD 1997-27, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
- Bikhchandani, Sushil & Mamer, John W., 1997. "Competitive Equilibrium in an Exchange Economy with Indivisibilities," Journal of Economic Theory, Elsevier, vol. 74(2), pages 385-413, June.
- Roth,Alvin E. & Sotomayor,Marilda A. Oliveira, 1992. "Two-Sided Matching," Cambridge Books, Cambridge University Press, number 9780521437882, December.
- Roth, Alvin E. & Sotomayor, Marilda, 1992. "Two-sided matching," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 1, chapter 16, pages 485-541 Elsevier.
- Gul, Faruk & Stacchetti, Ennio, 1999. "Walrasian Equilibrium with Gross Substitutes," Journal of Economic Theory, Elsevier, vol. 87(1), pages 95-124, July.
- Kaneko, Mamoru & Yamamoto, Yoshitsugu, 1986. "The existence and computation of competitive equilibria in markets with an indivisible commodity," Journal of Economic Theory, Elsevier, vol. 38(1), pages 118-136, February.
- Herbert Scarf, 1994. "The Allocation of Resources in the Presence of Indivisibilities," Journal of Economic Perspectives, American Economic Association, vol. 8(4), pages 111-128, Fall.
- Herbert E. Scarf, 1994. "The Allocation of Resources in the Presence of Indivisibilities," Cowles Foundation Discussion Papers 1068, Cowles Foundation for Research in Economics, Yale University.
- Kelso, Alexander S, Jr & Crawford, Vincent P, 1982. "Job Matching, Coalition Formation, and Gross Substitutes," Econometrica, Econometric Society, vol. 50(6), pages 1483-1504, November.
- Danilov, V. & Koshevoy, G. & Lang, C., 2013. "Equilibria in Markets with Indivisible Goods," Journal of the New Economic Association, New Economic Association, vol. 18(2), pages 10-34.
- Yang, Zaifu, 2000. "Equilibrium in an exchange economy with multiple indivisible commodities and money," Journal of Mathematical Economics, Elsevier, vol. 33(3), pages 353-365, April.
- Scarf, Herbert E, 1986. "Neighborhood Systems for Production Sets with Indivisibilities," Econometrica, Econometric Society, vol. 54(3), pages 507-532, May.
- Herbert E. Scarf, 1984. "Neighborhood Systems for Production Sets with Indivisibilities," Cowles Foundation Discussion Papers 728, Cowles Foundation for Research in Economics, Yale University.
- Martine Quinzii, 1982. "Core and Competitive Equilibria with Indivisibilities," Cowles Foundation Discussion Papers 644, Cowles Foundation for Research in Economics, Yale University. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:cuf:journl:y:2002:v:3:i:1:p:135-147. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Qiang Gao)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.