
Accession Number : AD0736225
Title : The Cores of Large Standard Exchange Economies,
Corporate Author : YALE UNIV NEW HAVEN CONN COWLES FOUNDATION FOR RESEARCH IN ECONOMICS
Personal Author(s) : Brown,Donald J. ; Robinson,Abraham
Report Date : 07 JAN 1972
Pagination or Media Count : 14
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 DebreuScarf and the infinite method of Aumann. (Author)
Descriptors : (*ECONOMICS, MATHEMATICAL MODELS), COMMERCE, SET THEORY, FUNCTIONAL ANALYSIS
Subject Categories : Economics and Cost Analysis
Operations Research
Distribution Statement : APPROVED FOR PUBLIC RELEASE