Technical Report Replica Core Equivalence Theorem : An Extension of the Debreu-Scarf Limit Theorem to Double Infinity Monetary Economies

Urai, Ken  ,  Murakami, Hiromi

14-35-Rev.2pp.1 - 6 , 2015-05 , Graduate School of Economics and Osaka School of International Public Policy (OSIPP) Osaka University
* Revised: [14-35-Rev., 2015]
* Revised:Replica Core Equivalence Theorem: An Extension of Debreu-Scarf Limit Theorem to Double Infinity Monetary Economies [14-35, 2014]
An overlapping generations model with the double infinity of commodities and agents is the most fundamental framework to introduce outside money into a static economic model. In this model, competitive equilibria may not necessarily be Pareto-optimal. Although Samuelson (1958) emphasized the role of at money as a certain kind of social contract, we cannot characterize it as a cooperative game-theoretic solution like a core. In this paper, we obtained a finite replica core characterization of Walrasian equilibrium allocations under non-negative wealth transfer and a core-limit characterization of Samuelson's social contrivance of money. Preferences are not necessarily assumed to be ordered.

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