IDEAS home Printed from https://ideas.repec.org/a/eee/mateco/v47y2011i1p54-59.html
   My bibliography  Save this article

A theory of a heterogeneous divisible commodity exchange economy

Author

Listed:
  • Husseinov, Farhad

Abstract

In theoretical land economics the existence of a competitive equilibrium with an additive price is considered problematic. This paper studies the exchange and allocation of a heterogeneous divisible commodity such as land, which is modeled as a measurable space. In a [`]land' trading economy with unordered convex preferences, the existence of a competitive equilibrium with an additive equilibrium price is proved. This paper demonstrates also the existence of a weak core and a fair allocation.

Suggested Citation

  • Husseinov, Farhad, 2011. "A theory of a heterogeneous divisible commodity exchange economy," Journal of Mathematical Economics, Elsevier, vol. 47(1), pages 54-59, January.
    • Handle: RePEc:eee:mateco:v:47:y:2011:i:1:p:54-59
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0304-4068(10)00144-8
    Download Restriction: Full text for ScienceDirect subscribers only
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Dunz, Karl, 1991. "On the core of a land trading game," Regional Science and Urban Economics, Elsevier, vol. 21(1), pages 73-88, May.
    2. Chambers, Christopher P., 2005. "Allocation rules for land division," Journal of Economic Theory, Elsevier, vol. 121(2), pages 236-258, April.
    3. Bewley, Truman F., 1972. "Existence of equilibria in economies with infinitely many commodities," Journal of Economic Theory, Elsevier, vol. 4(3), pages 514-540, June.
    4. BEWLEY, Truman F., 1972. "Existence of equilibria in economies with infinitely many commodities," LIDAM Reprints CORE 122, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    5. Gale, D. & Mas-Colell, A., 1975. "An equilibrium existence theorem for a general model without ordered preferences," Journal of Mathematical Economics, Elsevier, vol. 2(1), pages 9-15, March.
    6. Berliant, Marcus & Dunz, Karl, 2004. "A foundation of location theory: existence of equilibrium, the welfare theorems, and core," Journal of Mathematical Economics, Elsevier, vol. 40(5), pages 593-618, August.
    7. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
    8. Berliant, Marcus & Thomson, William & Dunz, Karl, 1992. "On the fair division of a heterogeneous commodity," Journal of Mathematical Economics, Elsevier, vol. 21(3), pages 201-216.
    9. Weller, Dietrich, 1985. "Fair division of a measurable space," Journal of Mathematical Economics, Elsevier, vol. 14(1), pages 5-17, February.
    10. Berliant, Marcus, 1985. "An equilibrium existence result for an economy with land," Journal of Mathematical Economics, Elsevier, vol. 14(1), pages 53-56, February.
    11. Jean-Pierre Aubin, 1981. "Cooperative Fuzzy Games," Mathematics of Operations Research, INFORMS, vol. 6(1), pages 1-13, February.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Charalambos Aliprantis & Kim Border & Owen Burkinshaw, 1996. "Market economies with many commodities," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 19(1), pages 113-185, March.
    2. Marco LiCalzi & Antonio Nicolò, 2009. "Efficient egalitarian equivalent allocations over a single good," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 40(1), pages 27-45, July.
    3. Segal-Halevi, Erel & Nitzan, Shmuel & Hassidim, Avinatan & Aumann, Yonatan, 2017. "Fair and square: Cake-cutting in two dimensions," Journal of Mathematical Economics, Elsevier, vol. 70(C), pages 1-28.
    4. Erel Segal-Halevi & Shmuel Nitzan & Avinatan Hassidim & Yonatan Aumann, 2020. "Envy-Free Division of Land," Mathematics of Operations Research, INFORMS, vol. 45(3), pages 896-922, August.
    5. Badics, Tamás, 2011. "Az arbitrázs preferenciákkal történő karakterizációjáról [On the characterization of arbitrage in terms of preferences]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 727-742.
    6. Pálvölgyi, Dénes & Peters, Hans & Vermeulen, Dries, 2014. "A strategic approach to multiple estate division problems," Games and Economic Behavior, Elsevier, vol. 88(C), pages 135-152.
    7. Dana, Rose-Anne & Riedel, Frank, 2013. "Intertemporal equilibria with Knightian uncertainty," Journal of Economic Theory, Elsevier, vol. 148(4), pages 1582-1605.
    8. Charalambos Aliprantis & Rabee Tourky, 2009. "Equilibria in incomplete assets economies with infinite dimensional spot markets," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 38(2), pages 221-262, February.
    9. Florenzano Monique, 1991. "Quasiequilibria in abstract economies application to the overlapping generations models," CEPREMAP Working Papers (Couverture Orange) 9117, CEPREMAP.
    10. Parenti, Mathieu & Ushchev, Philip & Thisse, Jacques-François, 2017. "Toward a theory of monopolistic competition," Journal of Economic Theory, Elsevier, vol. 167(C), pages 86-115.
    11. repec:ipg:wpaper:16 is not listed on IDEAS
    12. Podczeck, Konrad & Yannelis, Nicholas C., 2008. "Equilibrium theory with asymmetric information and with infinitely many commodities," Journal of Economic Theory, Elsevier, vol. 141(1), pages 152-183, July.
    13. Berliant, Marcus & Dunz, Karl, 1995. "Existence of equilibrium with nonconvexities and finitely many agents," Journal of Mathematical Economics, Elsevier, vol. 24(1), pages 83-93.
    14. Aliprantis, Charalambos D. & Tourky, Rabee & Yannelis, Nicholas C., 2001. "A Theory of Value with Non-linear Prices: Equilibrium Analysis beyond Vector Lattices," Journal of Economic Theory, Elsevier, vol. 100(1), pages 22-72, September.
    15. repec:dau:papers:123456789/5374 is not listed on IDEAS
    16. Farhad Hüsseinov & Nobusumi Sagara, 2013. "Existence of efficient envy-free allocations of a heterogeneous divisible commodity with nonadditive utilities," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 41(4), pages 923-940, October.
    17. Fuentes, Matías N., 2011. "Existence of equilibria in economies with externalities and non-convexities in an infinite-dimensional commodity space," Journal of Mathematical Economics, Elsevier, vol. 47(6), pages 768-776.
    18. Erel Segal-Halevi & Shmuel Nitzan, 2019. "Fair cake-cutting among families," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 53(4), pages 709-740, December.
    19. M. Ali Khan & Metin Uyanik, 2021. "The Yannelis–Prabhakar theorem on upper semi-continuous selections in paracompact spaces: extensions and applications," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 71(3), pages 799-840, April.
    20. Erel Segal-Halevi & Balázs R. Sziklai, 2019. "Monotonicity and competitive equilibrium in cake-cutting," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 68(2), pages 363-401, September.
    21. Tonin, Simone, 2013. "An Example of Strategic Market Game with Infinitely Many Commodities," The Warwick Economics Research Paper Series (TWERPS) 1005, University of Warwick, Department of Economics.
    22. repec:dau:papers:123456789/11268 is not listed on IDEAS
    23. Ostroy, Joseph M., 1984. "On the existence of walrasian equilibrium in large-square economies," Journal of Mathematical Economics, Elsevier, vol. 13(2), pages 143-163, October.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:mateco:v:47:y:2011:i:1:p:54-59. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/jmateco .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.