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Existence of Equilibria and Core Convergence in Economies with Bads

  • Hara, C.

We consider an exchange economy in which there are infinitely many consumers and some commodities are bads, that is, cause disutility to consumers. We give an example of such an economy for which there is no competitive equilibrium or its variants (quasi- or psuedo-equilibrium). We also give examples of the failure of the so called uniform integrability condition of equilibrium allocations of increasingly populous property.

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File URL: http://www.econ.cam.ac.uk/research/repec/cam/pdf/cwpe0413.pdf
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Paper provided by Faculty of Economics, University of Cambridge in its series Cambridge Working Papers in Economics with number 0413.

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Length: 38
Date of creation: Feb 2004
Date of revision:
Handle: RePEc:cam:camdae:0413
Note: ET
Contact details of provider: Web page: http://www.econ.cam.ac.uk/index.htm

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  1. Schmeidler, David, 1969. "Competitive Equilibria in Markets with a Continuum of Traders and Incomplete Preferences," Econometrica, Econometric Society, vol. 37(4), pages 578-85, October.
  2. Manelli, Alejandro M, 1991. "Monotonic Preferences and Core Equivalence," Econometrica, Econometric Society, vol. 59(1), pages 123-38, January.
  3. Polemarchakis, H. M. & Siconolfi, P., 1993. "Competitive equilibria without free disposal or nonsatiation," Journal of Mathematical Economics, Elsevier, vol. 22(1), pages 85-99.
  4. L. W. McKenzie, 2010. "The Classical Theorem on Existence of Competitive Equilibrium," Levine's Working Paper Archive 1388, David K. Levine.
  5. Anderson, Robert M, 1981. "Core Theory with Strongly Convex Preferences," Econometrica, Econometric Society, vol. 49(6), pages 1457-68, November.
  6. Anderson, Robert M, 1978. "An Elementary Core Equivalence Theorem," Econometrica, Econometric Society, vol. 46(6), pages 1483-87, November.
  7. Shapley, Lloyd S & Shubik, Martin, 1969. "On the Core of an Economic System with Externalities," American Economic Review, American Economic Association, vol. 59(4), pages 678-84, Part I Se.
  8. 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.
  9. Robert M. Anderson, 1981. "Core Theory with Strongly Convex Preferences," Cowles Foundation Discussion Papers 578, Cowles Foundation for Research in Economics, Yale University.
  10. Hart, Oliver D. & Kuhn, Harold W., 1975. "A proof of the existence of equilibrium without the free disposal assumption," Journal of Mathematical Economics, Elsevier, vol. 2(3), pages 335-343, December.
  11. Cornet, Bernard & Topuzu, Mihaela & Yildiz, Aysegul, 2003. "Equilibrium theory with a measure space of possibly satiated consumers," Journal of Mathematical Economics, Elsevier, vol. 39(3-4), pages 175-196, June.
  12. 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.
  13. Manelli, Alejandro M., 1991. "Core convergence without monotone preferences and free disposal," Journal of Economic Theory, Elsevier, vol. 55(2), pages 400-415, December.
  14. Bergstrom, Theodore C., 1976. "How to discard `free disposability' - at no cost," Journal of Mathematical Economics, Elsevier, vol. 3(2), pages 131-134, July.
  15. Grodal, Birgit & Trockel, Walter & Weber, Shlomo, 1984. "On approximate cores of non-convex economies," Economics Letters, Elsevier, vol. 15(3-4), pages 197-202.
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