We include initial holdings in the jungle economy of Piccione and Rubinstein (Economic Journal, 2007) in which the unique equilibrium satisfies lexicographic welfare maximization. When we relax assumptions on consumption sets and preferences slightly, equilibria other than lexicographic welfare...

This paper extends the recent literature on equilibria with coordination failures to arbitrary convex sets of admissible prices. We introduce a new equilibrium concept, called quantity constrained equilibrium (QCE), giving a unified treatment to all cases considered in the literature so far. At...

This paper studies an exchange economy with a finite number of agents in which each agent is initially endowed with a finite number of (personalized) indivisible commodities. We observe that the core equivalence theorem may not hold for this economy when the coalitional form game is generated in...