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Core allocations may not be Walras allocations in any large finite economy with indivisible commodities

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  • Inoue, Tomoki

    (Center for Mathematical Economics, Bielefeld University)

Abstract

We consider an exchange economy where every commodity can be consumed only in integer amounts. Inoue [Inoue, T., 2005. Do pure indivisibilities prevent core equivalence? Core equivalence theorem in an atomless economy with purely indivisible commodities only. Journal of Mathematical Economics 41, 571-601] proved that in such an economy with a continuum of agents, the core coincides with the set of Walras allocations. We show that this equivalence holds only in an atomless economy by giving two examples of the sequence of replica economies such that in any replica economy, there exists a core allocation that is not a Walras allocation.

Suggested Citation

  • Inoue, Tomoki, 2011. "Core allocations may not be Walras allocations in any large finite economy with indivisible commodities," Center for Mathematical Economics Working Papers 419, Center for Mathematical Economics, Bielefeld University.
    • Handle: RePEc:bie:wpaper:419
    as

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    File URL: https://pub.uni-bielefeld.de/download/2316421/2319864
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    References listed on IDEAS

    as
    1. Inoue, Tomoki, 2008. "Indivisible commodities and the nonemptiness of the weak core," Journal of Mathematical Economics, Elsevier, vol. 44(2), pages 96-111, January.
    2. Anderson, Robert M, 1978. "An Elementary Core Equivalence Theorem," Econometrica, Econometric Society, vol. 46(6), pages 1483-1487, November.
    3. Inoue, Tomoki, 2011. "Indivisible commodities and an equivalence theorem on the strong core," Center for Mathematical Economics Working Papers 417, Center for Mathematical Economics, Bielefeld University.
    4. Inoue, Tomoki, 2005. "Do pure indivisibilities prevent core equivalence? Core equivalence theorem in an atomless economy with purely indivisible commodities only," Journal of Mathematical Economics, Elsevier, vol. 41(4-5), pages 571-601, August.
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    Cited by:

    1. Inoue, Tomoki, 2014. "Indivisible commodities and an equivalence theorem on the strong core," Journal of Mathematical Economics, Elsevier, vol. 54(C), pages 22-35.
    2. Inoue, Tomoki, 2011. "Indivisible commodities and an equivalence theorem on the strong core," Center for Mathematical Economics Working Papers 417, Center for Mathematical Economics, Bielefeld University.

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    Keywords

    Cost-minimized Walras equilibrium; Strong core; Core; Walras equilibrium; Indivisible commodities;
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