Year: 2025
Type: article
Abstract: This study analyzes exchange economies in which all players have the same utility function and all goods except money are indivisible. In this context, a necessary and sufficient condition for the existence of a competitive equilibrium is obtained based on the fact that certain associated cooperative games have a non-empty core. Based on this result, we find two conditions in the cardinal case, each of which is equivalent to the existence of an equilibrium in an economy. By introducing the $$\alpha $$ -concavity property, we obtain another sufficient (although not necessary) condition for the existence of an equilibrium. The study also proposes an algorithm to determine whether a cardinal economy has an equilibrium and, if so, to obtain the equilibrium price.
Source: Theory and Decision
Authors: Luciano Méndez-Naya, José Méndez-Naya
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: hybrid
Estimated APC paid: $3,190
Awards: G5467562717, G8773781010
OpenAlex ID: W4414593131