Free disposal, monotonicity and equilibrium

Yi-You Yang

MPRA Paper from University Library of Munich, Germany

Abstract: This paper studies the effect of free disposal on the existence of Walrasian equilibrium for exchange economies with indivisible objects. It is shown that allowing an agent to enjoy free disposal has the same effect for generating an equilibrium (or eliminating existing equilibria) as allowing every agent to enjoy free disposal. A new equilibrium existence theorem is given to show how this observation can enhance the existence results by Kelso and Crawford (1982) and Sun and Yang (2006).

Keywords: Indivisibility; equilibrium; free disposal; monotonic cover (search for similar items in EconPapers)
JEL-codes: D5 D51 (search for similar items in EconPapers)
Date: 2012-11-13
New Economics Papers: this item is included in nep-gth and nep-mic
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