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INOUE Tomoki
Department Undergraduate School , School of Political Science and Economics Position Senior Assistant Professor |
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| Language | English |
| Publication Date | 2014/10 |
| Type | Academic Journal |
| Peer Review | Peer reviewed |
| Title | Indivisible commodities and an equivalence theorem on the strong core |
| Contribution Type | Sole-authored |
| Journal | Journal of Mathematical Economics |
| Volume, Issue, Page | 54,pp.22-35 |
| Details | We consider a pure exchange economy with finitely many indivisible commodities that are available only in integer quantities. We prove that in such an economy with a sufficiently large number of agents, but finitely many agents, the strong core coincides with the set of expenditure-minimizing Walrasian allocations. Because of the indivisibility, the preference maximization does not imply the expenditure minimization. An expenditure-minimizing Walrasian equilibrium is a state where, under some price vector, all agents satisfy both the preference maximization and the expenditure minimization. |
| DOI | 10.1016/j.jmateco.2014.07.002 |