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Market allocations under conflation of goods

Author

Listed:
  • Niccolò Urbinati

    (Department of Economics and Statistics, University of Naples Federico II)

  • Marco Li Calzi

    (Department of Economics, Ca' Foscari University of Venice)

Abstract

We study competitive equilibria in exchange economies when a continuum of goods is conflated into a finite set of commodities. The design of conflation affects the allocation of scarce resources among agents, by constraining trading opportunities and shifting competitive pressures. We also consider sufficient conditions for a decentralized equilibrium to be achieved merely by an appropriate conflation, absent prices.

Suggested Citation

  • Niccolò Urbinati & Marco Li Calzi, 2022. "Market allocations under conflation of goods," Working Papers 2022:05, Department of Economics, University of Venice "Ca' Foscari", revised 2024.
    • Handle: RePEc:ven:wpaper:2022:05
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    References listed on IDEAS

    as
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    4. Hart, Oliver D., 1975. "On the optimality of equilibrium when the market structure is incomplete," Journal of Economic Theory, Elsevier, vol. 11(3), pages 418-443, December.
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    More about this item

    Keywords

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    JEL classification:

    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • D62 - Microeconomics - - Welfare Economics - - - Externalities

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