Replica Core Limit Theorem for Economy with Satiation

Dividend equilibrium, defined by Aumann and Drèze (1986), is one of the most general competitive equilibrium concepts for the market, including satiated consumers. Konovalov (2005) shows a core equivalence theorem to the dividend equilibrium using the concept of rejective core. Konovalov's argument, however, is based on the setting of an atomless large economy and the core limit problem for dividend equilibrium remains unsolved. In a previous paper, Urai and Murakami (2015), we provided a generalization of the Debreu-Scarf core limit theorem (Debreu and Scarf 1963) for monetary overlapping generations economies under an extended concept of replica core allocation. In this paper, we show that the concept and method also provide a core limit theorem for economies with satiation.