Econometrica Vol. 65 No. 2 1997
Edgeworth's Conjecture with Infinitely many Commodities: L^1
Abstract
The authors examine core convergence for economies with a large finite number of agents and an infinite number of commodities. They find a serious disconnection between economies with a large finite number of agents and economies with a continuum of agents: the authors provide examples of nonconvergence of the core for large finite economies in L[superscript 1], a commodity space for which core equivalence holds for continuum economies. In addition, they show that, if preferences exhibit uniformly vanishing marginal utility of consumption at infinity, core convergence is restored.
- DOI
- 10.2307/2171893
- Volume
- 65
- Issue
- 2
- Pages
- 225
- Sources
- openalex crossref bibtex:phds-export.bib