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Replica Core Equivalence Theorem: An Extension of the Debreu-Scarf Limit Theorem to Double Infinity Monetary Economies

Author

Listed:
  • Ken Urai

    (Graduate School of Economics, Osaka University)

  • Hiromi Murakami

    (Graduate School of Economics, Osaka University)

Abstract

An overlapping generations model with the double infinity of commodities and agents is the most fundamental framework to introduce outside money into a static economic model. In this model, com- petitive equilibria may not necessarily be Pareto-optimal. Although Samuelson (1958) emphasized the role of fiat money as a certain kind of social contract, we cannot characterize it as a cooperative game-theoretic solution like a core. In this paper, we obtained a finite replica core characterization of Walrasian allocations under non-negative wealth transfer and a core-limit characterization of Samuel-son's social contrivance of money. Preferences are not necessarily assumed to be ordered.

Suggested Citation

  • Ken Urai & Hiromi Murakami, 2014. "Replica Core Equivalence Theorem: An Extension of the Debreu-Scarf Limit Theorem to Double Infinity Monetary Economies," Discussion Papers in Economics and Business 14-35-Rev., Osaka University, Graduate School of Economics, revised Mar 2015.
    • Handle: RePEc:osk:wpaper:1435r
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    Citations

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    Cited by:

    1. Ken Urai & Hiromi Murakami, 2015. "An Axiomatic Characterization of the Price-Money Message Mechanism," Discussion Papers in Economics and Business 15-31-Rev., Osaka University, Graduate School of Economics, revised Mar 2016.
    2. Ken Urai & Hiromi Murakami, 2015. "An Axiomatic Characterization of the Price-Money Message Mechanism," Discussion Papers in Economics and Business 15-31, Osaka University, Graduate School of Economics.
    3. Ken Urai & Hiromi Murakami, 2016. "Local Independence, Monotonicity and Axiomatic Characterization of Price-Money Message Mechanism," Discussion Papers in Economics and Business 16-08, Osaka University, Graduate School of Economics.
    4. Hiromi Murakami & Ken Urai, 2016. "Replica Core Limit Theorem for Economy with Satiation," Discussion Papers in Economics and Business 16-09, Osaka University, Graduate School of Economics.

    More about this item

    Keywords

    Monetary Equilibrium; Overlapping Generations Model; Core Equivalence; Replica Econ- omy; Non-Ordered Preference;
    All these keywords.

    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • E00 - Macroeconomics and Monetary Economics - - General - - - General

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