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Title:Indivisible commodities and an equivalence theorem on the strong core PDF Logo
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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