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An axiomatic characterization of the price–money message mechanism for economies with satiation

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  • Murakami, Hiromi
  • Urai, Ken

Abstract

In this paper, we axiomatically characterize the price mechanism for economies including satiated agents. A path-breaking category-theoretic argument in Sonnenschein (1974) is generalized to include possibly satiated agents under a price mechanism with dividends or money. That is, the price–money mechanism is characterized uniquely and efficiently representing all other allocation mechanisms satisfying several basic axioms, including the weak core and Pareto properties. To obtain our generalization results, we use a replica rejective core limit theorem to dividend equilibria in Murakami and Urai (2017).

Suggested Citation

  • Murakami, Hiromi & Urai, Ken, 2019. "An axiomatic characterization of the price–money message mechanism for economies with satiation," Journal of Mathematical Economics, Elsevier, vol. 82(C), pages 264-271.
    • Handle: RePEc:eee:mateco:v:82:y:2019:i:c:p:264-271
    DOI: 10.1016/j.jmateco.2019.02.003
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    Cited by:

    1. Ken Urai & Hiromi Murakami & Takahiro Moriya, 2022. "Existence of Monetary Equilibrium for Overlapping Generations Economies with Satiated Agents," Discussion Papers in Economics and Business 22-03, Osaka University, Graduate School of Economics.

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