A characterization of the core in overlapping-generations economies (Q1084003): Difference between revisions

The paper deals with a discrete dynamic economic model, as considered by \textit{Y. Balasko} and \textit{K. Shell} [ibid. 23, 281-306 (1980; Zbl 0455.90008)] with n perishable commodities, surviving to the next one. The author introduces and studies the concept of the core. In his own words, the paper ''...introduces criteria for identifying those equilibria, either barter or monetary, that are in the core....we provide examples of economies with an empty core and obtain the set of endowment allocation sequences for which the core is non-empty....we prove that for all Pareto-optimal allocations that can be implemented as monetary equilibria there exists a feasible redistribution of endowments such that they belong to the core and still can be implemented as monetary equilibria.''