Strong Core and Competitive Equilibria of An Exchange Market With Indivisible Goods  

Oleh:

Wako, Jun

Jenis: Article from Bulletin/Magazine
Dalam koleksi: INTERNATIONAL ECONOMIC REVIEW vol. 32 no. 4 (1991), page 843-852.
Topik: EXCHANGE MARKETS; strong core; equilibria; exchange market; indivisible goods

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: II49.1 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We consider an exchange model with indivisible goods and a perfectly divisible good, namely, money. This model was presented by Quinzii as an extension of the Shapley - Scarf model without divisible goods. We prove that the strong core always coincides with the set of competitive allocations. Two examples show that these two sets can be strictly included in the core and, in an extreme case, disappear while the core still exists. Such phenomena do not occur under an indispensability assumption on money.

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