Limit Theorems on the Core of a Many Good Economy with Individual Risks

Paul Weller

The Warwick Economics Research Paper Series (TWERPS) from University of Warwick, Department of Economics

Abstract: The relationship between the core of an exchange economy and competitive equilibrium is well-known from the work of Debreu and Scarf (1963). If we define a group of individuals of the same type to be a group with the same preferences and endowments, Debreu and Scarf have shown that if there are a fixed number of types in an economy, and if the economy is expanded by increasing equal numbers of each type, then the set of core allocations converges to the set of competitive allocations.

Pages: 23 pages
Date: 1979
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Persistent link: https://EconPapers.repec.org/RePEc:wrk:warwec:148

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