Edgeworth's Conjecture with Infinitely Many Commodities: L1

Robert M. Anderson and William Zame

Econometrica, 1997, vol. 65, issue 2, 225-274

Abstract: The authors examine core convergence for economies with a large finite number of agents and an infinite number of commodities. They find a serious disconnection between economies with a large finite number of agents and economies with a continuum of agents: the authors provide examples of nonconvergence of the core for large finite economies in L[superscript 1], a commodity space for which core equivalence holds for continuum economies. In addition, they show that, if preferences exhibit uniformly vanishing marginal utility of consumption at infinity, core convergence is restored.

Date: 1997
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Working Paper: Edgeworth's Conjecture with Infinitely Many Commodities (1995)
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