We study the Walrasian objection mechanism in the framework of economies with a measure space of agents and a separable Banach space of commodities whose positive cone has a non-empty interior. We provide several characterizations of Walrasian objections and use them to study the bargaining set of the economy, as defined in MasColell (J Math Econ 18(2):129-139, 1989). Our main result shows that whenever the measure space of agents is saturated, every non-competitive allocation can be blocked with a Walrasian objection. This implies that the bargaining set, the core and the set of competitive allocations are equivalent solution concepts.
The Walrasian objection mechanism and Mas-Colell's bargaining set in economies with many commodities
Urbinati, Niccolò
2022-01-01
Abstract
We study the Walrasian objection mechanism in the framework of economies with a measure space of agents and a separable Banach space of commodities whose positive cone has a non-empty interior. We provide several characterizations of Walrasian objections and use them to study the bargaining set of the economy, as defined in MasColell (J Math Econ 18(2):129-139, 1989). Our main result shows that whenever the measure space of agents is saturated, every non-competitive allocation can be blocked with a Walrasian objection. This implies that the bargaining set, the core and the set of competitive allocations are equivalent solution concepts.File | Dimensione | Formato | |
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