Walrasian versus quasi-competitive equilibrium and the core of a production economy
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This paper presents very general conditions guaranteeing that a quasicompetitive equilibrium is a Walrasian equilibrium. We also develop a generalization (and a simplified proof) of Nikaido’s and McKenzie’s extensions of the classic Debreu-Scarf theorem on core convergence, and apply the first result to obtain an equivalence between the set of Edgeworth equilibria and the set of Walrasian equilibria in a production economy.
Keywords and PhrasesCore convergence Indecomposability Irreducibility Quasi-competitive and Walrasian equilibrium
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