A theory of a heterogeneous divisible commodity exchange economy

Abstract In theoretical land economics the existence of a competitive equilibrium with an additive price is considered problematic. This paper studies the exchange and allocation of a heterogeneous divisible commodity such as land, which is modeled as a measurable space. In a [`]land' trading economy with unordered convex preferences, the existence of a competitive equilibrium with an additive equilibrium price is proved. This paper demonstrates also the existence of a weak core and a fair allocation.Heterogeneous divisible commodity Exchange economy Land trading economy Competitive equilibrium Core Fair division

Fuzzy Cores in Production Economics

In production economies, with m agents and l commodities, the set of equilibrium allocations coincides with the set of allocations that are unblocked by generalized fuzzy coalitions (i.e. bundles of Aubin's coalitions). Under convexity of preferences and production sets, the generalized fuzzy core coincides with Aubin's core. Moreover, in an I + 1 replica economy, where preferences are convex and production sets are cones, the allocations in Aubin's core are always equilibrium allocations. The fuzzy and the generalized fuzzy cores of the economy with in agents can be related to the core of an associated economy with a continuum of agents.N/