Abstract
An exchange economy with land and a finite number of traders is examined. Land is modeled as a sigma algebra of subsets of a Euclidean space. Since this commodity space has no natural convex or linear structure, standard existence results cannot be applied. The contribution of this paper is the introduction of continuity, convexity, and “nonwasteful partition” assumptions (the latter joint on the land supply and consumer preferences) for such a situation. Examples are provided where no equilibrium exists when each of these assumptions is violated. Under these assumptions, equilibrium is shown to exist, the core is shown to be nonempty, and the welfare theorems are proved. Examples satisfying all the assumptions are provided.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
