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Walrasian equilibrium as limit of competitive equilibrium without divisible

Author

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  • Jorge Rivera C.
  • Michael Florig

Abstract

We study economies where all commodities are indivisible at the individual level, but perfectly divisible at the aggregate level. Under general hypotheses over the economy, the ain contribution of this paper is the prove that a rationing equilibrium converge to aWalrasian equilibrium of a limit economy when the level of indivisibility become small. If the non-satiation and the survival assumption are not satisfied at the limit economy, the rationing equilibrium converge to a hierarchic equilibrium.

Suggested Citation

  • Jorge Rivera C. & Michael Florig, 2005. "Walrasian equilibrium as limit of competitive equilibrium without divisible," Working Papers wp214, University of Chile, Department of Economics.
  • Handle: RePEc:udc:wpaper:wp214
    as

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    File URL: http://www.econ.uchile.cl/uploads/publicacion/d4f4de64-15e2-4a6d-9b94-e3bf7423ca3a.pdf
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    References listed on IDEAS

    as
    1. Kajii, Atsushi, 1996. "How to discard non-satiation and free-disposal with paper money," Journal of Mathematical Economics, Elsevier, vol. 25(1), pages 75-84.
    2. Florig, Michael, 2001. "Hierarchic competitive equilibria," Journal of Mathematical Economics, Elsevier, vol. 35(4), pages 515-546, July.
    3. Alexander Konovalov, 2005. "The core of an economy with satiation," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 25(3), pages 711-719, April.
    4. Michael Florig, 2003. "Arbitrary small indivisibilities," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 22(4), pages 831-843, November.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    competitive equilibrium; indivisible goods; convergence.;

    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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