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

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

No 419, Center for Mathematical Economics Working Papers from 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.

Keywords: Cost-minimized Walras equilibrium; Strong core; Core; Walras equilibrium; Indivisible commodities (search for similar items in EconPapers)
Date: 2011-08-16
New Economics Papers: this item is included in nep-gth
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