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Journal of Economic Theory and Econometrics
JETEM/계량경제학보/計量經濟學報/JKES
Journal of the Korean Econometric Society

Core Equivalence May Fail without Monotonicity

Vol.16, No.2, June , 47–62



  •   (Department of Economics, Ewha Womans University)

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Abstract  

This paper looks at the role played by the assumption of monotonicity of preferences in core equivalence results. By means of two examples, we show that without strong monotonicity, the core equivalence may fail. We illuminate on the issue by introducing a stronger notion of core.


Keywords
   Large Exchange Economy, Continuum Model, Perfect

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