Barter in Coalitionally Structured Economies
In previous chapters we have discussed in detail the properties of Edgeworthian barter processes in finite exchange systems. The main convergence results under the hypothesis of sovereignty of the economic agents, such as the Debreu-Scarf and the Vind-Anderson theorems, show that one may expect that in an exchange system with infinitely many sovereign agents the Edgeworthian barter processes lead to Walrasian equilibrium allocations only.
KeywordsExchange System Economic Agent Equivalence Theorem Walrasian Equilibrium Core Allocation
Unable to display preview. Download preview PDF.