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Replica core equivalence theorem: An extension of the Debreu–Scarf limit theorem to double infinity monetary economies

Ken Urai and Hiromi Murakami

Journal of Mathematical Economics, 2016, vol. 66, issue C, 83-88

Abstract: An overlapping generations model with the double infinity of commodities and agents is the most fundamental framework to introduce outside money into a static economic model. In this model, competitive equilibria may not necessarily be Pareto-optimal. Although Samuelson (1958) emphasized the role of fiat money as a certain kind of social contract, we cannot characterize it as a cooperative game-theoretic solution like the core. In this paper, we obtained a finite replica core characterization of Walrasian equilibrium allocations under non-negative wealth transfer and a core-limit characterization of Samuelson’s social contrivance of money. Preferences are not necessarily assumed to be ordered.

Keywords: Monetary equilibrium; Overlapping generations model; Core equivalence; Replica economy; Non-ordered preference (search for similar items in EconPapers)
Date: 2016
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Handle: RePEc:eee:mateco:v:66:y:2016:i:c:p:83-88