دانلود مقاله ISI انگلیسی شماره 102150
ترجمه فارسی عنوان مقاله

همسان سازی هسته با کالاهای متمایز

عنوان انگلیسی
Core equivalence with differentiated commodities
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
102150 2017 36 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Mathematical Economics, Volume 73, December 2017, Pages 54-67

ترجمه کلمات کلیدی
معادله هسته، کالاهای متمایز، بازارهای ضخیم
کلمات کلیدی انگلیسی
Core equivalence; Differentiated commodities; Thick markets;
پیش نمایش مقاله
پیش نمایش مقاله  همسان سازی هسته با کالاهای متمایز

چکیده انگلیسی

This paper presents improved core equivalence results for atomless economies with differentiated commodities in the framework of Ostroy and Zame (1994). Commodity bundles are elements of the space M(K) of signed Borel measures on a compact space K of commodity characteristics. Ostroy and Zame provide two sufficient conditions for core equivalence: It is sufficient that markets are “physically thick”, so that there are many suppliers of every commodity, or that markets are “economically thick”, so that consumers are sufficiently willing to substitute commodities with a similar composition for each other. The sufficient conditions in Ostroy and Zame (1994) all imply that there are “many more agents than commodities”, an idea of Aumann that was formalized and discussed in Tourky and Yannelis (2001) and Greinecker and Podczeck (2016). We generalize the framework in Ostroy and Zame (1994) and weaken their sufficient conditions to not imply the presence of “many more agents than commodities”. In particular, we drop the requirement that K is metrizable from the basic model, the requirement of an uniform bound on endowments from the condition of “physically thick markets”, and the requirement that preferences are weak∗-continuous from the condition of “economically thick markets”. Core equivalence still holds, showing that “many more agents than commodities” are not needed for core equivalence in models of commodity differentiation.