A comparison between the core and the monopoly solutions in a mixed exchange economy
AbstractUsing 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.
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Bibliographic InfoArticle provided by Springer in its journal Economic Theory.
Volume (Year): 10 (1997)
Issue (Month): 3 ()
Note: Received: March 4, 1996; revised version July 7, 1996
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Web page: http://link.springer.de/link/service/journals/00199/index.htm
Find related papers by JEL classification:
- C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
- D42 - Microeconomics - - Market Structure and Pricing - - - Monopoly
- D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
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- Francesca Busetto & Giulio Codognato & Sayantan Ghosal, . "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.
- 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.
- Busetto, Francesca & Codognato, Giulio & Ghosal, Sayantan, 2008. "Noncooperative Oligopoly in Markets with a Continuum of Traders," The Warwick Economics Research Paper Series (TWERPS) 866, University of Warwick, Department of Economics.
- Busetto, Francesca & Codognato, Giulio & Ghosal, Sayantan, 2012.
"Noncooperative Oligopoly in Markets with a Continuum of Traders: A Limit Theorem,"
The Warwick Economics Research Paper Series (TWERPS)
994, University of Warwick, Department of Economics.
- 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 West - Nanterre la Défense, EconomiX.
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