Welfare Theorema and Core Equivalence without Divisible Goods

Michael Florig and Jorge Rivera Cayupi

Working Papers from University of Chile, Department of Economics

Abstract: We study economies where all commodities are indivisible at the individual level, but perfectly divisible at the aggregate level. Paper (fiat) money which does not influence agents preferences may be used to facilitate exchange. In a parallel paper (Florig and Rivera (2002), we introduced a competitive equilibrium notion for such a set up called rationing equilibrium. Here, we will establish welfare theorema and a core equivalence result for this equilibrium notion..

Keywords: indivisible goods; competitive equilibrium; Pareto optimum; core. (search for similar items in EconPapers)
JEL-codes: C62 D50 E40 (search for similar items in EconPapers)
Date: 2002-10
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