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Contracts and Domination in Competitive Economies

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Author Info

  • Marakulin, V.

    (Sobolev Institute of Mathematics, Russian Academy of Sciences, Novosibirsk, Russia)

Abstract

A new concept of contract-based domination by coalitions for competitive economies is proposed and studied in the paper. This concept is based on the notion of (barter) contract (an elementary exchange of commodities). Here classical coalitions domination is transferred onto systems (webs) of contracts and this way implemented contractual allocations which stability properties are investigated. It is shown that suggested approach is efficiently modeling perfect competition conditions and allows to describe various known classical concepts for a perfect economy – equilibria, core, fuzzy core etc. – in pure game-theoretical terms. For non-perfect economies, in which not every contract is permissible, it may serve as one of the model primitives to refine and to solve various theoretical problems.

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File URL: http://www.econorus.org/repec/journl/2011-9-10-32r.pdf
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Bibliographic Info

Article provided by New Economic Association in its journal Journal of the New Economic Association.

Volume (Year): (2011)
Issue (Month): 9 ()
Pages: 10-32

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Handle: RePEc:nea:journl:y:2011:i:9:p:10-32

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Related research

Keywords: exchange economy; contract; contractual allocation; competi­tive equilibrium; core;

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References

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  1. Muhamet Yildiz, 2002. "Walrasian Bargaining," Theory workshop papers 505798000000000003, UCLA Department of Economics.
  2. Graham, Daniel A. & Peter Jennergren, L. & Peterson, David W. & Roy Weintraub, E., 1976. "Trader-commodity parity theorems," Journal of Economic Theory, Elsevier, vol. 12(3), pages 443-454, June.
  3. Wilson, Robert B, 1978. "Information, Efficiency, and the Core of an Economy," Econometrica, Econometric Society, vol. 46(4), pages 807-16, July.
  4. Nir Dagan & Roberto Serrano & Oscar Volij, 1996. "Bargaining, Coalitions, and Competition," Economic theory and game theory 003, Oscar Volij, revised Jul 1998.
  5. Vind, Karl, 1995. "Perfect competition or the core," European Economic Review, Elsevier, vol. 39(9), pages 1733-1745, December.
  6. Magill, Michael & Shafer, Wayne, 1991. "Incomplete markets," Handbook of Mathematical Economics, in: W. Hildenbrand & H. Sonnenschein (ed.), Handbook of Mathematical Economics, edition 1, volume 4, chapter 30, pages 1523-1614 Elsevier.
  7. Muthoo,Abhinay, 1999. "Bargaining Theory with Applications," Cambridge Books, Cambridge University Press, number 9780521576475, October.
  8. Gale, Douglas, 1978. "The core of a monetary economy without trust," Journal of Economic Theory, Elsevier, vol. 19(2), pages 456-491, December.
  9. Monique Florenzano & Valeri Marakulin, 2000. "Production Equilibria in Vector Lattices," Econometric Society World Congress 2000 Contributed Papers 1396, Econometric Society.
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Cited by:
  1. Marakulin, V.M., 2013. "On the Edgeworth conjecture for production economies with public goods: A contract-based approach," Journal of Mathematical Economics, Elsevier, vol. 49(3), pages 189-200.

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