School of Economics and Finance

No. 690: Fuzzy Rejective Core of Satiated Economies with Unbounded Consumption Sets

Nizar Allouch , Queen Mary, University of London
Monique Florenzano , Paris School of Economics

March 1, 2012

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For an exchange economy, under assumptions which did not bring about the existence of equilibrium with dividends as yet, we prove the non-emptiness of the fuzzy rejective core. Then, via Konovalov (1998, 2005)'s equivalence result, we solve the equilibrium with dividends existence problem. Adding to the same assumptions a weak non-satiation condition which differs from the weak non-satiation assumption introduced by Allouch-Le Van (2009), we show in a last section the existence of a Walrasian quasiequilibrium. This result, which fits with exchange economies whose consumers' utility functions are not assumed to be upper semicontinuous, complements the one obtained by Martins-da-Rocha and Monteiro (2009).

J.E.L classification codes: D50

Keywords:Exchange economy, Satiation, Equilibrium with dividends, Rejective core, Fuzzy rejective core, Core equivalence