Strong core equivalence theorem in an atomless economy with indivisible commodities
We consider an atomless exchange economy with indivisible commodities. Every commodity can be consumed only in integer amounts. In such an economy, because of the indivisibility, the preference maximization does not imply the cost minimization. We prove that the strong core coincides with the set of cost-minimized Walras allocations which satisfy both the preference maximization and the cost minimization under the same price vector.
|Date of creation:||Mar 2009|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://www.imw.uni-bielefeld.de/
More information through EDIRC
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.:
- 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.
- Roth, Alvin E. & Postlewaite, Andrew, 1977. "Weak versus strong domination in a market with indivisible goods," Journal of Mathematical Economics, Elsevier, vol. 4(2), pages 131-137, August.
- Mas-Colell, Andreu, 1977. "Indivisible commodities and general equilibrium theory," Journal of Economic Theory, Elsevier, vol. 16(2), pages 443-456, December.
- Inoue, Tomoki, 2005. "Do pure indivisibilities prevent core equivalence? Core equivalence theorem in an atomless economy with purely indivisible commodities only," Journal of Mathematical Economics, Elsevier, vol. 41(4-5), pages 571-601, August.
- Shapley, Lloyd & Scarf, Herbert, 1974. "On cores and indivisibility," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 23-37, March.
- Tomoki Inoue, 2009. "Indivisible commodities and an equivalence theorem on the strong core," Working Papers 417, Bielefeld University, Center for Mathematical Economics.
When requesting a correction, please mention this item's handle: RePEc:bie:wpaper:418. 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: (Dr. Frederik Herzberg)
If references are entirely missing, you can add them using this form.