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.

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Year of publication:	2009
Authors:	Inoue, Tomoki
Publisher:	Bielefeld : Bielefeld University, Institute of Mathematical Economics (IMW)
Subject:	Gleichgewichtstheorie \| Core \| Marktmechanismus \| Unteilbarkeit \| Theorie \| Indivisible commodities \| Core equivalence \| Strong core \| Cost-minimized Walras equilibrium

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Series:	Working Papers ; 418
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	61689810X [GVK] hdl:10419/43783 [Handle]
Classification:	C71 - Cooperative Games ; D51 - Exchange and Production Economies
Source:	EconStor

Persistent link: https://www.econbiz.de/10010272569