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The Walras Core of an Economy and Its Limit Theorem

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Author Info
Cheng-Zhong Qin (University of California, Santa Barbara)
Lloyd Shapley (none)
Ken-Ichi Shimomura (none)

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Abstract

The Walras core of an economy is the set of allocations that are attainable for the consumers when their trades are constrained to be based on some agreed set of prices, and such that no alternative price system exists for any sub-coalition that allows all members to trade to something better. As compared with the Edgeworth core, both coalitional improvements and being a candidate allocation for the Walras core become harder. The Walras core may even contain allocations that violate the usual Pareto effciency. Nevertheless, the competitive allocations are the same under the two theories, and the equal-treatment Walras core allocations converge under general conditions to the competitive allocations in the process of replication.

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Paper provided by Department of Economics, UC Santa Barbara in its series University of California at Santa Barbara, Economics Working Paper Series with number 15-02.

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Date of creation: 30 Sep 2004
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Handle: RePEc:cdl:ucsbec:15-02

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Keywords: Competitive allocation; coalition; Edgeworth core; Walras core;

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  1. Qin, Cheng-Zhong, 1993. "A Conjecture of Shapley and Shubik on Competitive Outcomes in the Cores of NTU Market Games," International Journal of Game Theory, Springer, vol. 22(4), pages 335-44.
  2. Aumann, Robert J, 1979. "On the Rate of Convergence of the Core," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 20(2), pages 349-57, June. [Downloadable!] (restricted)
  3. Billera, Louis J., 1974. "On games without side payments arising from a general class of markets," Journal of Mathematical Economics, Elsevier, vol. 1(2), pages 129-139, August. [Downloadable!] (restricted)
  4. Florenzano Monique, 1988. "Edgeworth equilibria, fuzzy core and equilibria of a production economy without ordered preferences," CEPREMAP Working Papers (Couverture Orange) 8822, CEPREMAP.
  5. Herbert E. Scarf, 1959. "Some Examples of Global Instability of the Competitive Equilibrium," Cowles Foundation Discussion Papers 79, Cowles Foundation, Yale University. [Downloadable!]
  6. Shapley, Lloyd S. & Shubik, Martin, 1969. "On market games," Journal of Economic Theory, Elsevier, vol. 1(1), pages 9-25, June. [Downloadable!] (restricted)
  7. Cheng, Hsueh-Cheng, 1982. "Generic Examples of the Rate of Convergence of the Core," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 23(2), pages 309-21, June. [Downloadable!] (restricted)
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