Walrasian equilibrium as limit of competitive equilibrium without divisible

Jorge Rivera and Michael Florig

Working Papers from University of Chile, Department of Economics

Abstract: We study economies where all commodities are indivisible at the individual level, but perfectly divisible at the aggregate level. Under general hypotheses over the economy, the ain contribution of this paper is the prove that a rationing equilibrium converge to aWalrasian equilibrium of a limit economy when the level of indivisibility become small. If the non-satiation and the survival assumption are not satisfied at the limit economy, the rationing equilibrium converge to a hierarchic equilibrium.

Keywords: competitive equilibrium; indivisible goods; convergence. (search for similar items in EconPapers)
JEL-codes: C62 D50 E40 (search for similar items in EconPapers)
Date: 2005-05
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