Most of the available results on the existence of marginal cost pricing equilibrium are unsatisfactory in that they make a survival assumption that is stated as a condition on the production equilibria of the economy. The primary objective of this paper is to provide a relatively elementary...

In a differential information economy with quasi-linear utilities, monetary transfers facilitate the fulfillment of incentive compatibility constraints: the associated ex ante core is generically nonempty. However, we exhibit a well-behaved exchange economy in which this core is empty, even if...

A concept of an egalitarian solution is developed within the framework of cooperative game theory. The solution is designed to capture the interplay between social values (in this case, egalitarianism) and individual behavior. Both the final outcomes possible coalitional deviations are...

We study the incentives of candidates to strategically affect the outcome of a voting procedure. We show that the outcomes of every nondictatorial voting procedure that satisfies unanimity will be affected by the incentives of noncontending candidates (i.e., who cannot win the election) to...