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| Title: | | Indivisible commodities and an equivalence theorem on the strong core  |
| Authors: | | Inoue, Tomoki |
| Issue Date: | | 2009 |
| Series/Report no.: | | Working papers // Institute of Mathematical Economics 417 |
| Abstract: | | We consider a pure exchange economy with finitely many indivisible commodities that are available only in integer quantities. We prove that in such an economy with a sufficiently large number of agents, but finitely many agents, the strong core coincides with the set of cost-minimized Walras allocations. Because of the indivisibility, the preference maximization does not imply the cost minimization. A cost-minimized Walras equilibrium is a state where, under some price vector, all agents satisfy both the preference maximization and the cost minimization. |
| Subjects: | | Indivisible commodities Strong core Cost-minimized Walras equilibrium Core equivalence |
| JEL: | | C71 D51 |
| Persistent Identifier of the first edition: | | urn:nbn:de:hbz:361-14901 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Working Papers, Institute of Mathematical Economics, Universität Bielefeld
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