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Welfare Theorema and Core Equivalence without Divisible Goods

Author

Listed:
  • Michael Florig
  • Jorge Rivera Cayupi

Abstract

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..

Suggested Citation

  • Michael Florig & Jorge Rivera Cayupi, 2002. "Welfare Theorema and Core Equivalence without Divisible Goods," Working Papers wp197, University of Chile, Department of Economics.
  • Handle: RePEc:udc:wpaper:wp197
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    File URL: http://www.econ.uchile.cl/uploads/publicacion/05105e53-1fd1-4888-aa5f-962d05d1e5f4.pdf
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    References listed on IDEAS

    as
    1. Florig, Michael, 2001. "Hierarchic competitive equilibria," Journal of Mathematical Economics, Elsevier, vol. 35(4), pages 515-546, July.
    2. Broome, John, 1972. "Approximate equilibrium in economies with indivisible commodities," Journal of Economic Theory, Elsevier, vol. 5(2), pages 224-249, October.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    indivisible goods; competitive equilibrium; Pareto optimum; core.;

    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General

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