In spite of fiat money is useless in a standard Arrow-Debreu model, in this paper we will show that this does not hold true anymore when goods are indivisible. In our setting, although fiat money yields no utility, its price will always be positive and the set of equilibrium allocations changes...

The standard equivalence result on core and Walras equilibrium allocations uses a non-satiation and an interiority assumption. Konovalov (1998) introduced the rejective core for exchange economies with possibly satiated preferences and proved that there, the fuzzy rejective core coincides with...