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

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  • Benyamin Shitovitz

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

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    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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    Bibliographic 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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    Cited by:
    1. 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.
    2. 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.
    3. 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.

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