Accession Number:

AD0736225

Title:

The Cores of Large Standard Exchange Economies,

Descriptive Note:

Corporate Author:

YALE UNIV NEW HAVEN CONN COWLES FOUNDATION FOR RESEARCH IN ECONOMICS

Personal Author(s):

Report Date:

1972-01-07

Pagination or Media Count:

14.0

Abstract:

An exchange economy consists of a set of traders each of whom is characterized by an initial endowment and a preference relation. In addition, one usually assumes that the set of traders is finite. Edgeworths conjecture that as the number of traders in an exchange economy increases, the core approaches the set of competitive equilibria has been formalized in two disparate ways by mathematical economists. Here the authors report the results obtained by a new method for the resolution of Edgeworths conjecture, based on nonstandard analysis, which synthesizes the asymptotic method of Debreu-Scarf and the infinite method of Aumann. Author

Subject Categories:

  • Economics and Cost Analysis
  • Operations Research

Distribution Statement:

APPROVED FOR PUBLIC RELEASE