Core rationalizability in two-agent exchange economies

CAHIER 09-2000

CORE RATIONALIZABILITY IN TWO-AGENT EXCHANGE ECONOMIES

Walter BOSSERT and Yves SPRUMONT Université de Montréal Centre de recherche et développement en économique C.P. 6128, Succursale Centre-ville Montréal (Québec) H3C 3J7 Téléphone : (514) 343-6557 Télécopieur : (514) 343-5831

Adresse électronique : crde@crde.umontreal.ca Site Web : http://www.crde.umontreal.ca/

Université de Montréal Centre de recherche et développement en économique C.P. 6128, Succursale Centre-ville Montréal (Québec) H3C 3J7 Téléphone : (514) 343-6557 Télécopieur : (514) 343-5831

Adresse électronique : crde@crde.umontreal.ca Site Web : http://www.crde.umontreal.ca/

CAHIER 09-2000

CORE RATIONALIZABILITY IN TWO-AGENT EXCHANGE ECONOMIES

Walter BOSSERT1 and Yves SPRUMONT2

1

Département de sciences économiques, Université de Montréal, and Department of Economics, Rice University

2

Centre de recherche et développement en économique (C.R.D.E.) and Département de sciences économiques, Université de Montréal

May 2000

__________________

The authors would like to thank James Redekop for valuable comments and suggestions. Financial support from the Social Sciences and Humanities Research Council (SSHRC) of Canada and the C.R.D.E. is gratefully acknowledged.

RÉSUMÉ

Dans les économies d'échange à deux agents, nous caractérisons les correspondances de choix qui peuvent être rationalisées au sens du noyau.

Mots clés : rationalisation, noyaux, économies d'échange

ABSTRACT

We provide a characterization of selection correspondences in two-person exchange economies that can be core rationalized in the sense that there exists a preference profile with some standard properties that generates the observed choices as the set of core elements of the economy for any given initial endowment vector. The approach followed in this paper deviates from the standard rational choice model in that a rationalization in terms of a profile of individual orderings rather than in terms of a single individual or social preference relation is analyzed.

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