Advanced Search
MyIDEAS: Login to save this paper or follow this series

The Walras Core of an Economy and Its Limit Theorem

Contents:

Author Info

  • Qin, Cheng-Zhong
  • Shapley, Lloyd S
  • Shimomura, Ken-Ichi

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.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://www.escholarship.org/uc/item/6hp534w3.pdf;origin=repeccitec
Download Restriction: no

Bibliographic Info

Paper provided by Department of Economics, UC Santa Barbara in its series University of California at Santa Barbara, Economics Working Paper Series with number qt6hp534w3.

as in new window
Length:
Date of creation: 30 Sep 2004
Date of revision:
Handle: RePEc:cdl:ucsbec:qt6hp534w3

Contact details of provider:
Postal: 2127 North Hall, Santa Barbara, CA 93106-9210
Phone: (805) 893-3670
Fax: (805) 893-8830
Web page: http://www.escholarship.org/repec/ucsbecon_dwp/
More information through EDIRC

Related research

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

Other versions of this item:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Debreu, Gerard, 1975. "The rate of convergence of the core of an economy," Journal of Mathematical Economics, Elsevier, vol. 2(1), pages 1-7, March.
  2. 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.
  3. Shapley, Lloyd S. & Shubik, Martin, 1969. "On market games," Journal of Economic Theory, Elsevier, vol. 1(1), pages 9-25, June.
  4. 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.
  5. 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.
  6. Cheng, Hsueh-Cheng, 1981. "What Is the Normal Rate of Convergence of the Core? (Part I)," Econometrica, Econometric Society, vol. 49(1), pages 73-83, January.
  7. Grodal, Birgit, 1975. "The rate of convergence of the core for a purely competitive sequence of economies," Journal of Mathematical Economics, Elsevier, vol. 2(2), pages 171-186.
  8. 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.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Kilenthong, Weerachart T. & Qin, Cheng-Zhong, 2014. "Trade through endogenous intermediaries," Journal of Mathematical Economics, Elsevier, vol. 50(C), pages 262-268.
  2. Chen-Zhong Qin & Lloyd S. Shapley & Martin Shubik, 2009. "Marshallian Money, Welfare, and Side-Payments," Cowles Foundation Discussion Papers 1729, Cowles Foundation for Research in Economics, Yale University.
  3. Wooders, Myrna, 2008. "Market games and clubs," MPRA Paper 33968, University Library of Munich, Germany, revised Dec 2010.
  4. Koutsougeras, Leonidas C. & Ziros, Nicholas, 2008. "A three way equivalence," Journal of Economic Theory, Elsevier, vol. 139(1), pages 380-391, March.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:cdl:ucsbec:qt6hp534w3. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Lisa Schiff).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.