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Walrasian objection mechanism and Mas Colell's bargaining set in economies with many commodities

Author

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  • Niccolò Urbinati

    (Dept. of Management, Università Ca' Foscari Venice)

Abstract

We study the Walrasian objection mechanism in the framework of economies with a measure space of agents and a separable Banach space of commodities whose positive cone has a non-empty interior. We will provide several characterizations of Walrasian objections and use them to study the bargaining set of the economy, as defined in Mas-Colell (1989). Our main result shows that whenever the measure space of agents is saturated, every non-competitive allocation can be blocked with a Walrasian objection and use this result to prove that the bargaining set, the core and the set of competitive allocations are all equivalent solution concepts.

Suggested Citation

  • Niccolò Urbinati, 2020. "Walrasian objection mechanism and Mas Colell's bargaining set in economies with many commodities," Working Papers 07, Venice School of Management - Department of Management, Università Ca' Foscari Venezia.
    • Handle: RePEc:vnm:wpdman:177
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    References listed on IDEAS

    as
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