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A Note on Aumann's Core Equivalence Theorem without Monotonicity

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  • Honda, Jun
  • Takekuma, Shin-Ichi

Abstract

In an exchange economy with a continuum of traders, we establish the equivalence theorem on the core and the set of competitive allocations without assuming monotonicity of traders' preferences. Under weak assumptions we provide two alternative core equivalence theorems. The first one is for irreducible economies under Debreu's assumption on quasi-equilibria. The second one is an extension of Aumann's theorem under weaker assumptions than monotonicity.

Suggested Citation

  • Honda, Jun & Takekuma, Shin-Ichi, 2009. "A Note on Aumann's Core Equivalence Theorem without Monotonicity," Discussion Papers 2009-04, Graduate School of Economics, Hitotsubashi University.
  • Handle: RePEc:hit:econdp:2009-04
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    File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/17419/3/070econDP09-04.pdf
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    More about this item

    Keywords

    core; equivalence; monotonicity; quasi-equilibrium; irreducibility;

    JEL classification:

    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
    • D41 - Microeconomics - - Market Structure, Pricing, and Design - - - Perfect Competition
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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