Core and Equilibria of a Large Economy. (PSME-5)

ISBN: 9780691618784 出版年：2015 页码：260 Hildenbrand, Werner Princeton University Press

Can every allocation in the core of an economy be decentralized by a suitably chosen price system? werner hildenbrand shows that the answer is yes if the economy has "many" participating agents and if the influence of every individual agent on collective actions is "negligible." to give a general and precise definition of economics with this property he considers both economies with a continuum of agents, and a sequence of economies with an increasing number of participants. In both cases this leads to a measure theoretic formulation of economic equilibrium analysis. In the first part of the book the relevant mathematics is developed. In the second part the continuity and convexity properties of the total demand of a consumption sector are investigated. An important result is the equivalence between the core and the set of walras equilibria for an exchange economy with a continuum of agents.