Stochastic Blocking and Core Convergence in Nonconvex Production Economies

In production economies, the extent to which non-equilibria are blocked depends on specific rules that allocate authority among shareholders, because a blocking coalition's resources are affected by the firms it jointly owns with outsiders. Based on a notion of stochastic blocking, we extend Anderson's (1978) core convergence theorem to production economies where preferences and technologies are not necessarily convex.

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Year of publication:	2007-01-21
Authors:	Xiong, Siyang ; Zheng, Charles Zhoucheng
Institutions:	Department of Economics, Iowa State University
Subject:	core \| coalition \| production \| blocking \| core convergence \| nonconvexity \| stochastic blocking

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Extent:	application/pdf
Series:	Staff General Research Papers.
Type of publication:	Book / Working Paper
Language:	English
Classification:	D50 - General Equilibrium and Disequilibrium. General
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005125415