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On f-Core Equivalence with General Widespread Externalities

  • Peter J. Hammond

Second version: November, 1995. This paper partially extends the f-core equivalence theorem of Hammond, Kaneko and Wooders [7] for continuum economies with widespread externalities --- i.e., those over which each individual has negligible control. Externalities need not result directly from trading activities. Neither free disposal of divisible goods nor monotone preferences are assumed. Instead, a slightly strengthened form of local non-satiation suffices. However, in general it is proved only that any f-core allocation is a weak Nash--Walrasian equilibrium. Finally, the proof uses an elementary argument which does not rely on Lyapunov's theorem or convexity of the integral of a correspondence w.r.t. a non-atomic measure.

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File URL: http://www-econ.stanford.edu/faculty/workp/swp95004.ps
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File URL: http://www-econ.stanford.edu/faculty/workp/swp95004.pdf
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Paper provided by Stanford University, Department of Economics in its series Working Papers with number 95004.

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Handle: RePEc:wop:stanec:95004
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  1. Ali Khan, M. & Yamazaki, Akira, 1981. "On the cores of economies with indivisible commodities and a continuum of traders," Journal of Economic Theory, Elsevier, vol. 24(2), pages 218-225, April.
  2. Khan, M. Ali & Rath, Kali P. & Sun, Yeneng, 1997. "On the Existence of Pure Strategy Equilibria in Games with a Continuum of Players," Journal of Economic Theory, Elsevier, vol. 76(1), pages 13-46, September.
  3. P.J. Hammond, 2007. "History: Sunk Cost, or Widespread Externality?," Rivista Internazionale di Scienze Sociali, Vita e Pensiero, Pubblicazioni dell'Universita' Cattolica del Sacro Cuore, vol. 115(2), pages 161-185.
  4. Balder, E. J., 1996. "Comments on the existence of equilibrium distributions," Journal of Mathematical Economics, Elsevier, vol. 25(3), pages 307-323.
  5. Yamazaki, Akira, 1978. "An Equilibrium Existence Theorem without Convexity Assumptions," Econometrica, Econometric Society, vol. 46(3), pages 541-55, May.
  6. Yamazaki, Akira, 1981. "Diversified Consumption Characteristics and Conditionally Dispersed Endowment Distribution: Regularizing Effect and Existence of Equilibria," Econometrica, Econometric Society, vol. 49(3), pages 639-54, May.
  7. Peter Hammond, 1995. "Four Characterizations Of Constrained Pareto Efficiency In Continuum Economies With Widespread Externalities," The Japanese Economic Review, Japanese Economic Association, vol. 46(2), pages 103-124, 06.
  8. Hammond, Peter J. & Kaneko, Mamoru & Wooders, Myrna Holtz, 1989. "Continuum economies with finite coalitions: Core, equilibria, and widespread externalities," Journal of Economic Theory, Elsevier, vol. 49(1), pages 113-134, October.
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