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On Cooperative Solutions of a Generalized Assignment Game: Limit Theorems to the Set of Competitive Equilibria

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  • Jordi Massé
  • Alejandro Neme
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    Abstract

    We study two cooperative solutions of a market with indivisible goods modeled as a generalized assignment game: Set-wise stability and Core. We first establish that the Set-wise stable set is contained in the Core and it contains the non-empty set of competitive equilibrium payo�s. We then state and prove three limit results for replicated markets. First, the sequence of Cores of replicated markets converges to the set of competitive equilibrium payo�s when the number of replicas tends to infinity. Second, the Set-wise stable set of a two-fold replicated market already coincides with the set of competitive equilibrium payoffs. Third, for any number of replicas there is a market with a Core payoff that is not a competitive equilibrium payoff.

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    File URL: http://research.barcelonagse.eu/tmp/working_papers/438.pdf
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    Bibliographic Info

    Paper provided by Barcelona Graduate School of Economics in its series Working Papers with number 438.

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    Date of creation: Feb 2010
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    Handle: RePEc:bge:wpaper:438

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    Related research

    Keywords: Assignment game; Core; Set-wise stability; Competitive equilibrium;

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    1. Edgeworth, Francis Ysidro, 1881. "Mathematical Psychics," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number edgeworth1881.
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