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We study core convergence in interim quasilinear economies with asymmetric information, concentrating on core notions …. Specifically, we shall focus on the credible core and randomized mediated core concepts. We consider independent replicas of the … individuals who belong to the same copy. We provide an example in which core convergence does not obtain for the Dutta …
Persistent link: https://www.econbiz.de/10014047845
core coincides with the set of expenditure-minimizing Walrasian allocations. Because of the indivisibility, the preference …
Persistent link: https://www.econbiz.de/10013060084
. Do pure indivisibilities prevent core equivalence? Core equivalence theorem in an atomless economy with purely … agents, the core coincides with the set of Walras allocations. We show that this equivalence holds only in an atomless … economy by giving two examples of the sequence of replica economies such that in any replica economy, there exists a core …
Persistent link: https://www.econbiz.de/10003921358
core coincides with the set of cost-minimized Walras allocations. Because of the indivisibility, the preference …, all agents satisfy both the preference maximization and the cost minimization. -- Indivisible commodities ; Strong core … ; Cost-minimized Walras equilibrium ; Core equivalence …
Persistent link: https://www.econbiz.de/10003921399
. We prove that the strong core coincides with the set of cost-minimized Walras allocations which satisfy both the … preference maximization and the cost minimization under the same price vector. -- Indivisible commodities ; Core equivalence … ; Strong core ; Cost-minimized Walras equilibrium …
Persistent link: https://www.econbiz.de/10003921413
We study a labor market with finitely many heterogeneous workers and firms to illustrate the decentralized (myopic) blocking dynamics in two-sided one-to-one matching markets with continuous side payments (assignment problems, Shapley and Shubik, 1971). A labor market is unstable if there is at...
Persistent link: https://www.econbiz.de/10010222185
This paper deals with a core-equilibrium equivalence in an economy with public goods where preferences of consumers … ; Edgeworth ; Core ; Decentralization …
Persistent link: https://www.econbiz.de/10003827913
We study core convergence in interim quasilinear economies with asymmetric information, concentrating on core notions …. Specifically, we shall focus on the credible core and randomized mediated core concepts. We consider independent replicas of the … individuals who belong to the same copy. We provide an example in which core convergence does not obtain for the Dutta …
Persistent link: https://www.econbiz.de/10003728413
a contractual approach and based on the notion of fuzzy contractual allocation, see Marakulin (2011, 2013). Core … core converts into a classical one when the market turns complete. Under perfect competition conditions, core allocations … are GEI-equilibria. These properties prove the validity of the suggested core …
Persistent link: https://www.econbiz.de/10012842642
We reexamine the well-known assignment market model in a more general and more practical environment where agents may be financially constrained. These constraints will be shown to have an important impact on the set of Walrasian equilibria. We prove that a price adjustment process will either...
Persistent link: https://www.econbiz.de/10012908147