Description |
Robert J. Aumann's (1964) core equivalence theorem states that the set of core allocations in his atomless economy is identical to the set of Walrasian equilibrium allocations, i.e. C(E) = W(E). The method of proof we follow here is not identical to Aumann's original. In particular, we make use of some rather simplifying procedures -- notably, we use Aumann's (1965) definition of "integration of correspondences" and Lyapunov's theorem (introduced into economics by Karl Vind (1964)). However, the essence of the proof is basically the same. |