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Stochastic Blocking and Core Convergence in Nonconvex Production Economies

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  • Xiong, Siyang
  • Zheng, Charles Zhoucheng

Abstract

In production economies, the extent to which non-equilibria are blocked depends on specific rules that allocate authority among shareholders, because a blocking coalition's resources are affected by the firms it jointly owns with outsiders. Based on a notion of stochastic blocking, we extend Anderson's (1978) core convergence theorem to production economies where preferences and technologies are not necessarily convex.

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File URL: http://www.econ.iastate.edu/sites/default/files/publications/papers/p3864-2007-01-21.pdf
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Bibliographic Info

Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 12711.

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Date of creation: 21 Jan 2007
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Handle: RePEc:isu:genres:12711

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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
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Web page: http://www.econ.iastate.edu
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Keywords: core; coalition; production; blocking; core convergence; nonconvexity; stochastic blocking;

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  1. Xiong, Siyang & Zheng, Charles Zhoucheng, 2007. "Core Equivalence Theorem with Production," Staff General Research Papers 12697, Iowa State University, Department of Economics.
  2. Haller, Hans, 1991. "Corporate Production and Shareholder Cooperation under Uncertainty," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 32(4), pages 823-42, November.
  3. Anderson, Robert M, 1978. "An Elementary Core Equivalence Theorem," Econometrica, Econometric Society, vol. 46(6), pages 1483-87, November.
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