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Strong core equivalence theorem in an atomless economy with indivisible commodities

We consider an atomless exchange economy with indivisible commodities. Every commodity can be consumed only in integer amounts. In such an economy, because of the indivisibility, the preference maximization does not imply the cost minimization. We prove that the strong core coincides with the set of cost-minimized Walras allocations which satisfy both the preference maximization and the cost minimization under the same price vector.
Year of publication:
2009-03
Authors: Inoue, Tomoki
Institutions: Institut für Mathematische Wirtschaftsforschung, Universität Bielefeld
Subject: indivisible commodities | core equivalence | strong core | cost-minimized Walras equilibrium
Extent:
application/pdf
Series:
Type of publication: Book / Working Paper
Language: English
Notes:
Number 418 17 pages
Classification: C71 - Cooperative Games ; D51 - Exchange and Production Economies
Source:
Persistent link: https://www.econbiz.de/10005227288
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