Technical Report Replica Core Limit Theorem for Economy with Satiation

Murakami, Hiromi  ,  Urai, Ken

16-9pp.1 - 7 , 2016-04 , Graduate School of Economics and Osaka School of International Public Policy (OSIPP) Osaka University
Dividend equilibrium, de ned by Aumann and Dr eze (1986), is one of the most general competitive equilibrium concepts for the market, including satiated consumers. Konovalov (2005) shows a core equivalence theorem to the dividend equilibrium using the concept of rejective core. Konovalov's argument, however, is based on the setting of an atomless large economy and the core limit problem for dividend equilibrium remains unsolved. In a previous paper, Urai and Murakami (2015), we provided a generalization of the Debreu-Scarf core limit theorem (Debreu and Scarf 1963) for monetary overlapping generations economies under an extended concept of replica core allocation. In this paper, we show that the concept and method also provide a core limit theorem for economies with satiation.

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