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Core allocations and small income transfers

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  • Anderson, Robert M.

Abstract

We show that, given any allocation f in the core of an exchange economy, we can find small income transfers and a Walrasian allocation relative to the transfers such that most agents are indifferent between f and . In addition, we can find small income transfers and an approximate Walrasian allocation relative to the transfers such that all agents are indifferent between and f.

Suggested Citation

  • Anderson, Robert M., 2010. "Core allocations and small income transfers," Journal of Mathematical Economics, Elsevier, vol. 46(4), pages 373-381, July.
  • Handle: RePEc:eee:mateco:v:46:y:2010:i:4:p:373-381
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    References listed on IDEAS

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    1. Mas-Colell,Andreu, 1990. "The Theory of General Economic Equilibrium," Cambridge Books, Cambridge University Press, number 9780521388702, May.
    2. Anderson, Robert M, 1985. "Strong Core Theorems with Nonconvex Preferences," Econometrica, Econometric Society, vol. 53(6), pages 1283-1294, November.
    3. Debreu, Gerard, 1975. "The rate of convergence of the core of an economy," Journal of Mathematical Economics, Elsevier, vol. 2(1), pages 1-7, March.
    4. Grodal, Birgit, 1975. "The rate of convergence of the core for a purely competitive sequence of economies," Journal of Mathematical Economics, Elsevier, vol. 2(2), pages 171-186.
    5. Robert M. Anderson, 1981. "Core Theory with Strongly Convex Preferences," Cowles Foundation Discussion Papers 578, Cowles Foundation for Research in Economics, Yale University.
    6. Kim, Wan-Jin, 1986. "On the Rate of Convergence of the Core," Department of Economics, Working Paper Series qt62c3v2mg, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    7. Brown, Donald J. & Robinson, Abraham, 1974. "The cores of large standard exchange economies," Journal of Economic Theory, Elsevier, vol. 9(3), pages 245-254, November.
    8. Wan-Jin Kim., 1986. "On the Rate of Convergence of the Core," Economics Working Papers 8617, University of California at Berkeley.
    9. Dierker, Egbert, 1975. "Gains and losses at core allocations," Journal of Mathematical Economics, Elsevier, vol. 2(2), pages 119-128.
    10. Anderson, Robert M., 1987. "Gap-minimizing prices and quadratic core convergence," Journal of Mathematical Economics, Elsevier, vol. 16(1), pages 1-15, February.
    11. Anderson, Robert M, 1988. "The Second Welfare Theorem with Nonconvex Preferences," Econometrica, Econometric Society, vol. 56(2), pages 361-382, March.
    12. Anderson, Robert M, 1978. "An Elementary Core Equivalence Theorem," Econometrica, Econometric Society, vol. 46(6), pages 1483-1487, November.
    13. Cheng, Hsueh-Cheng, 1981. "What Is the Normal Rate of Convergence of the Core? (Part I)," Econometrica, Econometric Society, vol. 49(1), pages 73-83, January.
    14. M. Ali Khan, 1974. "Some Equivalence Theorems," Review of Economic Studies, Oxford University Press, vol. 41(4), pages 549-565.
    15. Anderson, Robert M, 1990. "Core Allocations Are Almost Utility-Maximal," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 31(1), pages 1-9, February.
    16. Robert M. Anderson & M. Ali Khan & Salim Rashid, 1982. "Approximate Equilibria with Bounds Independent of Preferences," Review of Economic Studies, Oxford University Press, vol. 49(3), pages 473-475.
    17. Anderson, Robert M, 1982. "A Market Value Approach to Approximate Equilibria," Econometrica, Econometric Society, vol. 50(1), pages 127-136, January.
    18. Anderson, Robert M., 1992. "The core in perfectly competitive economies," 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 14, pages 413-457 Elsevier.
    19. Anderson, Robert M, 1981. "Core Theory with Strongly Convex Preferences," Econometrica, Econometric Society, vol. 49(6), pages 1457-1468, November.
    20. Mas-Colell, Andreu & Neuefeind, Wilhelm, 1977. "Some Generic Properties of Aggregate Excess Demand and an Application," Econometrica, Econometric Society, vol. 45(3), pages 591-599, April.
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