Existence of Equilibria and Core Convergence in Economies with Bads.

We consider an exchange economy in which there are infinitely many consumers and some commodities are bads, that is, cause disutility to consumers. We give an example of such an economy for which there is no competitive equilibrium or its variants (quasi- or psuedo-equilibrium). We also give examples of the failure of the so called uniform integrability condition of equilibrium allocations of increasingly populous property.

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Year of publication:	2004-02
Authors:	Hara, C.
Institutions:	Faculty of Economics, University of Cambridge
Subject:	general equilibrium \| bads \| existence \| core convergence

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Extent:	application/pdf
Series:	Cambridge Working Papers in Economics.
Type of publication:	Book / Working Paper
Language:	English
Notes:	ET 3 pages long
Classification:	C62 - Existence and Stability Conditions of Equilibrium ; C71 - Cooperative Games ; D41 - Perfect Competition ; D51 - Exchange and Production Economies ; D61 - Allocative Efficiency; Cost-Benefit Analysis ; D63 - Equity, Justice, Inequality, and Other Normative Criteria and Measurement ; Q21 - Demand and Supply
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005783843