Indivisible goods, equilibrium and convex economies

• 成果类型: Article
• 署名作者: Mendez-Naya, Luciano; Mendez-Naya, Jose
• 署名单位: Universidade de Santiago de Compostela; Universidade da Coruna
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2024.105930
• 发表日期: 2024
• 关键词: Competitive equilibrium; Indivisibles; convexity; cooperative games

摘要

We study the existence of competitive equilibria in economies with indivisible goods. The first result provides a novel sufficient condition for an economy with indivisible goods to have competitive equilibrium. This condition states that the cooperative game associated with the economy has a non-empty core. Crucially, this sufficient condition is also necessary when the economy is convex. This characterization implies that every two-agent convex economy has at least one competitive equilibrium.