Arbitrary small indivisibilities

Michael Florig

Economic Theory, 2003, vol. 22, issue 4, 843 pages

Abstract: Arbitrary small indivisibilities may play an important role when the strong survival assumption does not hold. A hierarchic price is a finite ordered family of price vectors . It extends the notion of exchange values proposed by Gay [15]. These price notions were introduced in order to establish the existence of a generalized competitive equilibrium without the strong survival assumption. We show that a hierarchic price models phenomena related to small indivisibilities which the standard approach may not capture. More precisely, we prove in the framework of linear exchange economies that a hierarchic price may be seen as a standard price of an economy with arbitrary small indivisibilities. Copyright Springer-Verlag Berlin Heidelberg 2003

Keywords: Keywords and Phrases: Walras -; Hierarchic -; Dividend equilibrium; Indivisibile goods; Linear utility functions.; JEL Classification Numbers: D 50. (search for similar items in EconPapers)
Date: 2003
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Citations: View citations in EconPapers (6)

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DOI: 10.1007/s00199-002-0347-y

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