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Bargaining set and anonymous core without the monotonicity assumption

  • Hara, Chiaki

We give an example of an atomless exchange economy in which consumers'preference relations are not monotone and in which the bargaining set of Mas-Colell (1989) consists of all allocations satisfying resource constraints, although the set of all Walrasian equilibrium allocations, the core, and the anonymous core of Hara (2002) are all empty. We also give an equivalence theorem for the anonymous core when the preference relations may not be monotone.

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Article provided by Elsevier in its journal Journal of Mathematical Economics.

Volume (Year): 41 (2005)
Issue (Month): 4-5 (August)
Pages: 545-556

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Handle: RePEc:eee:mateco:v:41:y:2005:i:4-5:p:545-556
Contact details of provider: Web page: http://www.elsevier.com/locate/jmateco

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  1. Hildenbrand, Werner, 1970. "Existence of Equilibria for Economies with Production and a Measure Space of Consumers," Econometrica, Econometric Society, vol. 38(5), pages 608-23, September.
  2. Gerard Debreu, 1956. "Market Equilibrium," Cowles Foundation Discussion Papers 10, Cowles Foundation for Research in Economics, Yale University.
  3. Robert M. Anderson & Walter Trockel & Lin Zhou, 1997. "Nonconvergence of the Mas-Colell and Zhou Bargaining Sets," Econometrica, Econometric Society, vol. 65(5), pages 1227-1240, September.
  4. Neuefeind, Wilhelm, 1980. "Notes on Existence of Equilibrium Proofs and the Boundary Behavior of Supply," Econometrica, Econometric Society, vol. 48(7), pages 1831-37, November.
  5. SCHMEIDLER, David, . "Competitive equilibria in markets with a continuum of traders and incomplete preferences," CORE Discussion Papers RP -62, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  6. Alejandro Manelli, 1989. "Monotonic Preferences and Core Equivalence," Discussion Papers 859, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  7. Chiaki Hara, 2005. "Existence of Equilibria in Economies with Bads," Econometrica, Econometric Society, vol. 73(2), pages 647-658, 03.
  8. Manelli, Alejandro M., 1991. "Core convergence without monotone preferences and free disposal," Journal of Economic Theory, Elsevier, vol. 55(2), pages 400-415, December.
  9. Broome, John, 1972. "Approximate equilibrium in economies with indivisible commodities," Journal of Economic Theory, Elsevier, vol. 5(2), pages 224-249, October.
  10. Hara, Chiaki, 2002. "The anonymous core of an exchange economy," Journal of Mathematical Economics, Elsevier, vol. 38(1-2), pages 91-116, September.
  11. Husseinov, Farhad, 1999. "Boundary Behavior of Excess Demand and Existence of Equilibrium," Journal of Economic Theory, Elsevier, vol. 87(2), pages 434-449, August.
  12. Hammond, Peter J, 1979. "Straightforward Individual Incentive Compatibility in Large Economies," Review of Economic Studies, Wiley Blackwell, vol. 46(2), pages 263-82, April.
  13. Mas-Colell, Andreu, 1989. "An equivalence theorem for a bargaining set," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 129-139, April.
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