The Rejective Core of an Economy with Profit-Making Firms

In this paper, we consider an economy with producers and introduce a kind of "money" into the economy in order to incorporate producers' behaviors of profit maximization. We define a modified concept of "rejective core" which depends on both consumers' and producers' criterions, and prove the identity of the rejective core and the competitive equilibrium. Namely, the purpose of this paper is to characterize the competitive equilibrium in Arrow-Debreu type economies by applying the concept of "rejective core".