The core of an economy with satiation

Alexander Konovalov ()

Economic Theory, 2005, vol. 25, issue 3, 719 pages

Abstract: It has long been known that in economies with satiation, the set of competitive equilibria does not coincide with the limiting core of an economy. In dividend equilibria, introduced independently by a number of authors, the budget excess is allowed to be divided among consumers as dividends and equilibrium existence is restored. In this paper a new notion of blocking which leads to core - dividend equilibrium equivalence is introduced. Specifically, it is shown that an allocation is a dividend equilibrium if and only if a corresponding equal treatment allocation of a large economy is in the core. Copyright Springer-Verlag Berlin/Heidelberg 2005

Keywords: Exchange economy; Satiation; Core equivalence; Dividend equilibrium. (search for similar items in EconPapers)
Date: 2005
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DOI: 10.1007/s00199-003-0462-4

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