Theorems on the core of an economy with infinitely many commodities and consumers

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dc.citation.epage1196en_US
dc.citation.issueNumber11en_US
dc.citation.spage1180en_US
dc.citation.volumeNumber44en_US
dc.contributor.authorEvren, Ö.en_US
dc.contributor.authorHüsseinov, F.en_US
dc.date.accessioned2016-02-08T10:06:39Z
dc.date.available2016-02-08T10:06:39Z
dc.date.issued2008en_US
dc.departmentDepartment of Economicsen_US
dc.description.abstractIt is known that the classical theorems of Grodal [Grodal, B., 1972. A second remark on the core of an atomless economy. Econometrica 40, 581-583] and Schmeidler [Schmeidler, D., 1972. A remark on the core of an atomless economy. Econometrica 40, 579-580] on the veto power of small coalitions in finite dimensional, atomless economies can be extended (with some minor modifications) to include the case of countably many commodities. This paper presents a further extension of these results to include the case of uncountably many commodities. We also extend Vind's [Vind, K., 1972. A third remark on the core of an atomless economy. Econometrica 40, 585-586] classical theorem on the veto power of big coalitions in finite dimensional, atomless economies to include the case of an arbitrary number of commodities. In another result, we show that in the coalitional economy defined by an atomless individualistic model, core-Walras equivalence holds even if the commodity space is non-separable. The above-mentioned results are also valid for a differential information economy with a finite state space. We also extend Kannai's [Kannai, Y., 1970. Continuity properties of the core of a market. Econometrica 38, 791-815] theorem on the continuity of the core of a finite dimensional, large economy to include the case of an arbitrary number of commodities. All of our results are applications of a lemma, that we prove here, about the set of aggregate alternatives available to a coalition. Throughout the paper, the commodity space is assumed to be an ordered Banach space which has an interior point in its positive cone. © 2008 Elsevier B.V. All rights reserved.en_US
dc.description.provenanceMade available in DSpace on 2016-02-08T10:06:39Z (GMT). No. of bitstreams: 1 bilkent-research-paper.pdf: 70227 bytes, checksum: 26e812c6f5156f83f0e77b261a471b5a (MD5) Previous issue date: 2008en
dc.identifier.doi10.1016/j.jmateco.2008.01.004en_US
dc.identifier.eissn1873-1538
dc.identifier.issn0304-4068
dc.identifier.urihttp://hdl.handle.net/11693/22932
dc.language.isoEnglishen_US
dc.publisherElsevier BVen_US
dc.relation.isversionofhttp://dx.doi.org/10.1016/j.jmateco.2008.01.004en_US
dc.source.titleJournal of Mathematical Economicsen_US
dc.subjectContinuityen_US
dc.subjectCoreen_US
dc.subjectDifferential informationen_US
dc.subjectNon-separable commodity spaceen_US
dc.subjectPrivate coreen_US
dc.subjectRadner equilibriumen_US
dc.subjectSmall coalitionsen_US
dc.subjectStabilityen_US
dc.subjectStrong coreen_US
dc.subjectWalrasian equilibriumen_US
dc.titleTheorems on the core of an economy with infinitely many commodities and consumersen_US
dc.typeArticleen_US

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