Replica Core Limit Theorem for Economy with Satiation

Hiromi Murakami (pge027mh@student.econ.osaka-u.ac.jp) and Ken Urai (urai@econ.osaka-u.ac.jp)
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Hiromi Murakami: Graduate School of Economics, Osaka University
Ken Urai: Graduate School of Economics, Osaka University

No 16-09, Discussion Papers in Economics and Business from Osaka University, Graduate School of Economics

Abstract: 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.

Keywords: Dividend Equilibrium; Core Equivalence; Replica Economy; Economy with Satiation (search for similar items in EconPapers)
JEL-codes: C71 D50 (search for similar items in EconPapers)
Pages: 10 pages
Date: 2016-04
New Economics Papers: this item is included in nep-gth
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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