Generic properties of the core and equilibria of pure exchange economies |
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Authors: | Ashvin Varada Rajan |
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Institution: | aDepartment of Mathematics, The Johns Hopkins University, Baltimore, MD 21218. USA |
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Abstract: | We show that for an open dense set of markets with a continuum of traders the number of equilibrium allocations which by the celebrated theorem of Aumann (Econometrica. 1964, 32. 39–50) coincide with the core allocations for such markets are finite. This presents a limiting case result that complements similar asymptotic theorems for cores of large economies proved by Bewley (Econometrica 1973, 41, 425–454), and Dierker (Journal of Mathematical Economics 1975, 2. 155–169). If we require that the measure on the space of agents be one with a finite number of atoms of equal weight, our reasoning recovers the classical results obtained by Debreu (Econometrica. 1970. 38, 387–392) for economies with a finite number of agents. |
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Keywords: | JEL classification: D41 D50 D51 |
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