Core Retionalizability in Two-Agent Exchange Economies

Cahier 2000-09

BOSSERT, Walter

SPRUMONT, Yves

Core Rationalizability in Two-Agent Exchange

Economies

Département de sciences économiques Université de Montréal

Faculté des arts et des sciences C.P. 6128, succursale Centre-Ville Montréal (Québec) H3C 3J7 Canada http://www.sceco.umontreal.ca SCECO-information@UMontreal.CA Téléphone : (514) 343-6539 Télécopieur : (514) 343-7221

Ce cahier a également été publié par le Centre interuniversitaire de recherche en économie quantitative (CIREQ) sous le numéro 09-2000.

This working paper was also published by the Center for Interuniversity Research in Quantitative Economics (CIREQ), under number 09-2000.

CAHIER 2000-09

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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