This paper studies the testable implications of the core in an exchange economy when participants’ preferences are unknown. Through a revealed preferences perspective, I build a model in which the core is testable. The result comes from an identifying assumption assumption on agents preferences – that agents’ preferences are solely determined by observable characteristics. This assumption allows me to build on earlier results. The core imposes meaningful restrictions on allocations in an exchange economy. These conditions are tractable and intuitive, and the results formally link together the core in exchange economies, competitive equilibrium, consumer demand revealed preferences. I also develop a method to estimate utility parameters from repeated observations of exchange economies; the setting is akin to Fox (2010). The method applies necessary moment inequalities used for partial

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