The Cores of Large Standard Exchange Economies,
Abstract
An exchange economy consists of a set of traders each of whom is characterized by an initial endowment and a preference relation. In addition, one usually assumes that the set of traders is finite. Edgeworth's conjecture that as the number of traders in an exchange economy increases, the core approaches the set of competitive equilibria has been formalized in two disparate ways by mathematical economists. Here the authors report the results obtained by a new method for the resolution of Edgeworth's conjecture, based on nonstandard analysis, which synthesizes the asymptotic method of Debreu-Scarf and the infinite method of Aumann. (Author)
Document Details
- Document Type
- Technical Report
- Publication Date
- Jan 07, 1972
- Accession Number
- AD0736225
Entities
People
- Abraham Robinson
- Donald J. Brown
Organizations
- Yale University