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| Tekijä: | Anderson, R. M. Zame, W. R. |
| Otsikko: | Edgeworth's conjecture with infitely many commodities: L |
| Lehti: | Econometrica
1997 : MARCH, VOL. 65:2, p. 225-273 |
| Asiasana: | ECONOMICS COMPETITION ECONOMETRIC MODELS DECENTRALISATION ALLOCATION |
| Kieli: | eng |
| Tiivistelmä: | This article examines equivalence of the core and the set of Walrasian allocations, which has long been taken as the basic test of perfect competition in the economies with an infinite dimensional space of commodities and a large number of agents. Equality of the core and the set of Walrasian allocations is not expected, but theorems that would establish core convergence. Sequence of examples of failure of core convergence are presented, pointing to a serious disconnection between replica economies and continuum economies, and general large finite economies. The source of this disconnection as the measurability requirements that have serious economic content in the infinite dimensional context, is identified. |
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