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

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Author Info
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.

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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 10 (1997)
Issue (Month): 3 ()
Pages: 559-563
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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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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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  1. 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. [Downloadable!]
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