The anonymous core of an exchange economy without the monotonicity assumption
|Speaker:||Chiaki Hara, University of Cambridge|
|Date:||Friday 12 March 2004|
|Location:||Room 106 Streatam Court|
The purpose of this paper is to establish the equivalence of the anonymous core with the set of all Walrasian equilibrium allocations in an atomless exchange economy in which consumers' preference relations need not be monotone. We also give an example of an atomless economy in which the bargaining set of Mas-Colell coincides with the set of all resource-feasible allocations. This points to a stalk contrast of the equivalence principle between the bargaining set and anonymous core, although their definitions appear to be similar and the equivalence holds for both under the monotonicity assumption on preference relations.