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Market allocations under conflation of goods

Author

Listed:
  • Niccolò Urbinati

    (Department of Economics and Statistics, University of Naples Federico II)

  • Marco Li Calzi

    (Department of Economics, Ca' Foscari University of Venice)

Abstract

We study competitive equilibria in exchange economies when a continuum of goods is conflated into a finite set of commodities. The design of conflation affects the allocation of scarce resources among agents, by constraining trading opportunities and shifting competitive pressures. We also consider sufficient conditions for a decentralized equilibrium to be achieved merely by an appropriate conflation, absent prices.

Suggested Citation

  • Niccolò Urbinati & Marco Li Calzi, 2022. "Market allocations under conflation of goods," Working Papers 2022:05, Department of Economics, University of Venice "Ca' Foscari", revised 2024.
    • Handle: RePEc:ven:wpaper:2022:05
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    References listed on IDEAS

    as
    1. Jones, Larry E, 1984. "A Competitive Model of Commodity Differentiation," Econometrica, Econometric Society, vol. 52(2), pages 507-530, March.
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    5. Robert P. Gilles & Dimitrios Diamantaras, 2003. "To Trade Or Not To Trade: Economies With A Variable Number Of Tradeables," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 44(3), pages 1173-1204, August.
    6. Hildenbrand, W & Mertens, J F, 1972. "Upper Hemi-Continuity of the Equilibrium-Set Correspondence for Pure Exchange Economies," Econometrica, Econometric Society, vol. 40(1), pages 99-108, January.
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    More about this item

    Keywords

    tradable commodities; classification of goods; general economic equilibrium; Fisher market model;
    All these keywords.

    JEL classification:

    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • D62 - Microeconomics - - Welfare Economics - - - Externalities

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