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A comparison between the core and the monopoly solutions in a mixed exchange economy

Author

Listed:
  • Benyamin Shitovitz

    (Department of Economics, Haifa University, Haifa 31905, ISRAEL)

Abstract

Using a mixed market model for analyzing imperfectly competitive economies, we maximize the oligopolists' Welfare Function, given individual rationality and feasibility constraints. We prove that solutions belong to the core for a large class of economies. This class includes, in particular, every monopoly having a single type of small traders. Note that all such solutions yield the large trader, utility-wise, strictly more than at any monopoly solution, where the monopolist plays strategically, and the ocean of small traders act as being as price-takers.

Suggested Citation

  • Benyamin Shitovitz, 1997. "A comparison between the core and the monopoly solutions in a mixed exchange economy," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 10(3), pages 559-563.
    • Handle: RePEc:spr:joecth:v:10:y:1997:i:3:p:559-563
    Note: Received: March 4, 1996; revised version July 7, 1996
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    Citations

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    Cited by:

    1. Gonzalez, Stéphane & Grabisch, Michel, 2016. "Multicoalitional solutions," Journal of Mathematical Economics, Elsevier, vol. 64(C), pages 1-10.
    2. Busetto, Francesca & Codognato, Giulio & Ghosal, Sayantan, 2011. "Noncooperative oligopoly in markets with a continuum of traders," Games and Economic Behavior, Elsevier, vol. 72(1), pages 38-45, May.
    3. Gonzalez, Stéphane & Grabisch, Michel, 2016. "Multicoalitional solutions," Journal of Mathematical Economics, Elsevier, vol. 64(C), pages 1-10.
    4. Francesca Busetto & Giulio Codognato & Sayantan Ghosal, 2012. "Noncooperative Oligopoly in Markets with a Continuum of Traders: A Limit Theorem," EconomiX Working Papers 2012-49, University of Paris Nanterre, EconomiX.
    5. Busetto, Francesca & Codognato, Giulio & Ghosal, Syantan, 2008. "Cournot-Walras Equilibrium as a Subgame Perfect Equilibrium," Economic Research Papers 269786, University of Warwick - Department of Economics.
    6. Francesca Busetto & Giulio Codognato & Sayantan Ghosal, "undated". "Noncooperative oligopoly in markets with a continuum of traders: a limit theorem a la Cournot," Working Papers 2014_01, Business School - Economics, University of Glasgow.
    7. Francesca Busetto & Giulio Codognato & Sayantan Ghosal, 2017. "Asymptotic equivalence between Cournot–Nash and Walras equilibria in exchange economies with atoms and an atomless part," International Journal of Game Theory, Springer;Game Theory Society, vol. 46(4), pages 975-990, November.
    8. Busetto, Francesca & Codognato, Giulio & Ghosal, Sayantan, 2014. "Noncooperative Oligopoly in Markets with a Continuum of Traders: A Limit Theorem µa la Cournot," SIRE Discussion Papers 2014-019, Scottish Institute for Research in Economics (SIRE).

    More about this item

    JEL classification:

    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
    • D42 - Microeconomics - - Market Structure, Pricing, and Design - - - Monopoly
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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