Do pure indivisibilities prevent core equivalence? Core equivalence theorem in an atomless economy with purely indivisible commodities only

Research output: Contribution to journalArticle

2 Citations (Scopus)

Abstract

We consider a pure exchange economy with a continuum of agents and finitely many indivisible commodities. Every commodity can be consumed only in integer amounts. Thus, agents' preferences are locally satiated and no commodity bundle has necessarily local cheaper points. We introduce a core which is an intermediate concept between the strong core and the weak core. In our economy, this core is the most natural concept in the sense that it coincides with the set of all exactly feasible Walras allocations.

Original languageEnglish
Pages (from-to)571-601
Number of pages31
JournalJournal of Mathematical Economics
Volume41
Issue number4-5 SPEC. ISS.
DOIs
Publication statusPublished - 1 Aug 2005

Keywords

  • Atomless exchange economy
  • Core equivalence
  • Indivisible commodities
  • Separation theorem

Fingerprint Dive into the research topics of 'Do pure indivisibilities prevent core equivalence? Core equivalence theorem in an atomless economy with purely indivisible commodities only'. Together they form a unique fingerprint.

  • Cite this