Generic Properties of the Core and Equilibria of Pure Exchange Economies

Ashvin Varada Rajan

Economics Working Paper Archive from The Johns Hopkins University,Department of Economics

Abstract: We present a unified mathematical framework within which pure exchange economies with a finite set of agents as well as those with a continuum of traders as mathematically modelled by Aumann (1964) can be analyzed simultaneously We prove that the number of equilibrium price vectors of our economies are generically finite Hence for markets with a continuum of traders the equilibrium allocations (which by the celebrated theorem of Aumann (1964) coincide with the core allocations) are finite for an open dense set of such markets This presents a limiting case result that complements similar asymptotic theorems about cores of large economies that have been proved by Bewley (1973) and Dierker (1975) If we assume that the measure on the space of agents is one with a finite number of atoms of equal weight our reasoning recovers the classical theorems proved about equilibria by Debreu (1970) for economies with a finite number of agents

Date: 1996-03
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:jhu:papers:363

Access Statistics for this paper

More papers in Economics Working Paper Archive from The Johns Hopkins University,Department of Economics 3400 North Charles Street Baltimore, MD 21218. Contact information at EDIRC.
Bibliographic data for series maintained by Humphrey Muturi ().