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Arbitrary small indivisibilities

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  • Michael Florig

Abstract

Arbitrary small indivisibilities may play an important role when the strong survival assumption does not hold. A hierarchic price is a finite ordered family of price vectors . It extends the notion of exchange values proposed by Gay [15]. These price notions were introduced in order to establish the existence of a generalized competitive equilibrium without the strong survival assumption. We show that a hierarchic price models phenomena related to small indivisibilities which the standard approach may not capture. More precisely, we prove in the framework of linear exchange economies that a hierarchic price may be seen as a standard price of an economy with arbitrary small indivisibilities. Copyright Springer-Verlag Berlin Heidelberg 2003

Suggested Citation

  • Michael Florig, 2003. "Arbitrary small indivisibilities," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 22(4), pages 831-843, November.
    • Handle: RePEc:spr:joecth:v:22:y:2003:i:4:p:831-843
    DOI: 10.1007/s00199-002-0347-y
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    Citations

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    Cited by:

    1. Jean-Marc Bonnisseau & Michael Florig, 2003. "Existence and optimality of oligopoly equilibria in linear exchange economies," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 22(4), pages 727-741, November.
    2. Michael Florig & Jorge Rivera Cayupi, 2015. "Walrasian equilibrium as limit of a competitive equilibrium without divisible goods," Working Papers wp404, University of Chile, Department of Economics.
    3. Michael Florig & Jorge Rivera, 2017. "Walrasian equilibrium as limit of competitive equilibria without divisible goods," Working Papers wp451, University of Chile, Department of Economics.
    4. M. Florig, 2004. "Equilibrium Correspondence of Linear Exchange Economies," Journal of Optimization Theory and Applications, Springer, vol. 120(1), pages 97-109, January.
    5. Jorge Rivera C. & Michael Florig, 2005. "Walrasian equilibrium as limit of competitive equilibrium without divisible," Working Papers wp214, University of Chile, Department of Economics.
    6. Florig, Michael & Rivera, Jorge, 2019. "Walrasian equilibrium as limit of competitive equilibria without divisible goods," Journal of Mathematical Economics, Elsevier, vol. 84(C), pages 1-8.

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