International Conference
"Modern Problems of Mathematics, Informatics and Bioinformatics",
devoted to the 100th anniversary of professor Alexei A. Lyapunov

Novosibirsk, Russia, 2011, October 11-14

Васильев В.А.  

On Edgeworth and Walrasian equilibria for multiregional economic systems

On Edgeworth and Walrasian equilibria for multiregional economic systems

Vasil'ev Valery A.

Abstract

The paper deals with the core equivalence problem for a
multiregional economic system. It is shown that under non-satiation
and strict autarchy assumptions the two solutions, the Walrasian
allocations and the fuzzy core of a multiregional system, are
identical. Moreover, we have established that under the same
assumptions, the set of Edgeworth allocations coincides with the
fuzzy core of a system, as well. Summarizing, we get the main result
of the paper, asserting that, provided strict autarchy and
non-satiation requirements are satisfied, an allocation of a
multiregional economic system is a Walrasian allocation if and only
if its n-fold replica is in the core of the n-fold replica of a
system, for every n.

In conclusion, some applications to the competitive equilibrium
existence problem, based on the equivalence results obtained, are
discussed.