Replica core equivalence theorem: An extension of the Debreu–Scarf limit theorem to double infinity monetary economies |
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| Institution: | 1. Assistant Professor Department of Computer Science and Engineering Anna University Regional Office, Madurai, Tamilnadu, India;2. Professor Department of Information Technology K.L.N.College of Engineering, Pottapalayam, Sivaganga, Tamil Nadu, India;1. Economics Faculty, Universidad Autónoma de San Luis Potosí, Mexico;2. Office of the Chief Economist, Banco de México, Avenida 5 de mayo 18, Centro, 06059 Cuauhtemoc, Mexico City, Mexico;1. Department of Mathematics, University of Bayreuth, Germany;2. Department of Economics, University of Bayreuth, Germany;3. Public Choice Research Centre, University of Turku, Finland |
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| Abstract: | An overlapping generations model with the double infinity of commodities and agents is the most fundamental framework to introduce outside money into a static economic model. In this model, competitive equilibria may not necessarily be Pareto-optimal. Although Samuelson (1958) emphasized the role of fiat money as a certain kind of social contract, we cannot characterize it as a cooperative game-theoretic solution like the core. In this paper, we obtained a finite replica core characterization of Walrasian equilibrium allocations under non-negative wealth transfer and a core-limit characterization of Samuelson’s social contrivance of money. Preferences are not necessarily assumed to be ordered. |
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| Keywords: | Monetary equilibrium Overlapping generations model Core equivalence Replica economy Non-ordered preference |
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