The Walrasian objection mechanism and Mas-Colell’s bargaining set in economies with many commodities

Niccolò Urbinati ()
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Niccolò Urbinati: Università Ca’ Foscari Venezia

Economic Theory, 2023, vol. 76, issue 1, No 2, 45-68

Abstract: 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 provide several characterizations of Walrasian objections and use them to study the bargaining set of the economy, as defined in Mas-Colell (J Math Econ 18(2):129–139, 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. This implies that the bargaining set, the core and the set of competitive allocations are equivalent solution concepts.

Keywords: Walrasian objections; Bargaining set; Infinite dimensional commodity spaces; Saturation property; Lyapunov’s theorem (search for similar items in EconPapers)
JEL-codes: C62 D41 D51 (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s00199-022-01454-0

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