Welfare Theorema and Core Equivalence without Divisible Goods
We study economies where all commodities are indivisible at the individual level, but perfectly divisible at the aggregate level. Paper (fiat) money which does not influence agents preferences may be used to facilitate exchange. In a parallel paper (Florig and Rivera (2002), we introduced a competitive equilibrium notion for such a set up called rationing equilibrium. Here, we will establish welfare theorema and a core equivalence result for this equilibrium notion..
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- Florig, Michael, 2001. "Hierarchic competitive equilibria," Journal of Mathematical Economics, Elsevier, vol. 35(4), pages 515-546, July.
- Broome, John, 1972. "Approximate equilibrium in economies with indivisible commodities," Journal of Economic Theory, Elsevier, vol. 5(2), pages 224-249, October.
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