Strong core equivalence theorem in an atomless economy with indivisible commodities

Tomoki Inoue
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Tomoki Inoue: Center for Mathematical Economics, Bielefeld University

No 418, Center for Mathematical Economics Working Papers from Center for Mathematical Economics, Bielefeld University

Abstract: We consider an atomless exchange economy with indivisible commodities. Every commodity can be consumed only in integer amounts. In such an economy, because of the indivisibility, the preference maximization does not imply the cost minimization. We prove that the strong core coincides with the set of cost-minimized Walras allocations which satisfy both the preference maximization and the cost minimization under the same price vector.

Keywords: Strong core; Cost-minimized Walras equilibrium; Core equivalence; Indivisible commodities (search for similar items in EconPapers)
Date: 2011-08-15
New Economics Papers: this item is included in nep-gth
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Citations: View citations in EconPapers (2)

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