Concave measures and the fuzzy core of exchange economies with heterogeneous divisible commodities
Fuzzy Sets and Systems
Hüsseinov, F., & Sagara, N. (2012). Concave measures and the fuzzy core of exchange economies with heterogeneous divisible commodities. Fuzzy Sets and Systems, 198, 70-82.
Please cite this item using this persistent URLhttp://hdl.handle.net/11693/12348
The main purpose of this paper is to prove the existence of the fuzzy core of an exchange economy with a heterogeneous divisible commodity in which preferences of individuals are given by nonadditive utility functions defined on a sigma-algebra of admissible pieces of the total endowment of the commodity. The problem is formulated as the partitioning of a measurable space among finitely many individuals. Applying the Yosida-Hewitt decomposition theorem, we also demonstrate that partitions in the fuzzy core are supportable by prices in L-1. (c) 2012 Elsevier B.V. All rights reserved.
- Department of Economics