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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.

Suggested Citation

  • Xiong, Siyang & Zheng, Charles Zhoucheng, 2007. "Stochastic blocking and core convergence in nonconvex production economies," ISU General Staff Papers 200701210800001177, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genstf:200701210800001177
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