A theory of a heterogeneous divisible commodity exchange economy

Farhad Husseinov

Journal of Mathematical Economics, 2011, vol. 47, issue 1, 54-59

Abstract: Abstract In theoretical land economics the existence of a competitive equilibrium with an additive price is considered problematic. This paper studies the exchange and allocation of a heterogeneous divisible commodity such as land, which is modeled as a measurable space. In a [`]land' trading economy with unordered convex preferences, the existence of a competitive equilibrium with an additive equilibrium price is proved. This paper demonstrates also the existence of a weak core and a fair allocation.

Keywords: Heterogeneous; divisible; commodity; Exchange; economy; Land; trading; economy; Competitive; equilibrium; Core; Fair; division (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:47:y:2011:i:1:p:54-59

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