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Existence of the core in a heterogeneous divisible commodity exchange economy

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Abstract

We consider the exchange of a heterogeneous divisible commodity modeled as a measurable space. Under rational, continuous and convex preferences over characteristic measures a weak core is shown to exist. Further, a core exists if characteristic measures are mutually absolutely continuous. Applied to the land trading economy, the core existence results in Berliant (J Math Econ 14:53–56, 1985) and Dunz (Reg Sci Urban Econ 21:73–88, 1991) are obtained.

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Authors and Affiliations

  1. Department of Economics, Bilkent University, 06800, Bilkent, Ankara, Turkey

    Farhad Hüsseinov

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  1. Farhad Hüsseinov
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Correspondence to Farhad Hüsseinov.

Additional information

The author is grateful to the participants of economic theory seminars at Bilkent University and participants of the session in the 17th International Conference on Game Theory at Stony Brook, July 10–14, 2006, where results of this paper were presented, for useful discussions and the referees for comments that led to a number of improvements. I thank Drs. Nedim Alemdar and Refet Gürkaynak for useful discussions. Special thanks go to Professor William Thomson and Özgür Evren.

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Hüsseinov, F. Existence of the core in a heterogeneous divisible commodity exchange economy. Int J Game Theory 37, 387–395 (2008). https://doi.org/10.1007/s00182-008-0124-7

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  • DOI: https://doi.org/10.1007/s00182-008-0124-7

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