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Monotonic Preferences and Core Equivalence

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  • Manelli, Alejandro M
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    Abstract

    Examples of well-behaved sequences of economies, without monotonic preferences, are constructed. These economies have core allocations that cannot be decentralized by prices, even in a weak sense. Relaxing the monotonicity assumption results in core allocations that are not uniformly integrable, breaking the connection between the continuum and the large finite model. If, in addition, preferences are nonconvex, even uniformly bounded core allocations may fail to converge in a well sense. Sufficient conditions to restore convergence are provided. Copyright 1991 by The Econometric Society.

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    Bibliographic Info

    Article provided by Econometric Society in its journal Econometrica.

    Volume (Year): 59 (1991)
    Issue (Month): 1 (January)
    Pages: 123-38

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    Handle: RePEc:ecm:emetrp:v:59:y:1991:i:1:p:123-38

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    Cited by:
    1. Chiaki Hara, 2004. "Bargaining Set and Anonymous Core without the Monotonicity Assumption," KIER Working Papers 599, Kyoto University, Institute of Economic Research.
    2. Roberto Serrano & Oscar Volij, 2003. "MISTAKE IN COOPERATION:the Stochastic Stability of Edgeworth's Recontracting," Working Papers 2003-23, Brown University, Department of Economics.
    3. Alexander Kovalenkov & Myrna H. Wooders, 2000. "Epsilon cores of games and economies with limited side payments," Working Papers mwooders-00-02, University of Toronto, Department of Economics.
    4. Alexander Kovalenkov & Myrna Holtz Wooders, 2000. "Approximate Cores of Games and Economies with Clubs," Econometric Society World Congress 2000 Contributed Papers 1790, Econometric Society.
    5. Hara, C., 2004. "Existence of Equilibria and Core Convergence in Economies with Bads," Cambridge Working Papers in Economics 0413, Faculty of Economics, University of Cambridge.
    6. Alexander Kovalenkov & Myrna Holtz Wooders, 1997. "An explicit bound on e for non-emptiness of the e-core of an arbitrary game with side payments," Working Papers mwooders-98-05, University of Toronto, Department of Economics.
    7. Alexander Kovalenkov & Myrna Holtz Wooders, 1997. "An explicit bound on," Working Papers mwooders-98-04, University of Toronto, Department of Economics.
    8. Kovalenkov, Alexander & Wooders, Myrna, 2002. "Advances In The Theory Of Large Cooperative Games And Applications To Club Theory : The Side Payments Case," The Warwick Economics Research Paper Series (TWERPS) 641, University of Warwick, Department of Economics.

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