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Recontracting and Competition

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Abstract

We characterize the set of Walrasian allocations of an economy as the set of allocations which can be supported by abstract equilibria that satisfy a recontracting condition which reflects the idea that agents can freely trade with each other. An alternative (and weaker) recontracting condition characterizes the core. The results are extended to production economies by extending the definition of the recontracting condition to include the possibility of agents to recontract with firms. However, no optimization requirement is imposed on firms. In pure exchange economies, an abstract equilibrium is a feasible allocation and a list of choice sets, one for each agent, that satisfy the following conditions: an agent's choice set is a subset of the commodity space that includes his endowment; and each agent's equilibrium bundle is a maximal element in his choice set, with respect to his preferences. The recontracting condition requires that any agent can buy bundles from any other agent's choice set by ofering the other agent a bundle he prefers to his equilibrium bundle.

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Bibliographic Info

Paper provided by Nir Dagan in its series Economic theory and game theory with number 013.

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Length: 30 pages
Date of creation: Jan 1996
Date of revision: Jun 1996
Handle: RePEc:nid:ndagan:013

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Postal: Nir Dagan, Dept. of Economics and Management, Tel-Hai Academic College, Upper Galilee, Israel.
Web page: http://www.nirdagan.com/research/

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  1. Sala-i-Martin, Xavier, 1994. "A Positive Theory of Social Security," CEPR Discussion Papers 1025, C.E.P.R. Discussion Papers.
  2. Bosch, A. & Sunder, S., 1994. "Tracking the Invisible Hand: Convergence of Double Auctions to Competitive Equilibrium," GSIA Working Papers 1994-11, Carnegie Mellon University, Tepper School of Business.
  3. Thierry Foucault, 1994. "Price formation and order placement strategies in a dynamic order driven market," Economics Working Papers 99, Department of Economics and Business, Universitat Pompeu Fabra.
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Cited by:
  1. Serrano, Roberto & Volij, Oscar, 2000. "Walrasian Allocations without Price-Taking Behavior," Journal of Economic Theory, Elsevier, vol. 95(1), pages 79-106, November.
  2. Lee, Darin, 1998. "A note on the individualistic foundations of the core in economies with asymmetric information," Economics Letters, Elsevier, vol. 61(2), pages 203-208, November.
  3. Nir Dagan & Roberto Serrano & Oscar Volij, 1996. "Bargaining, coalitions and competition," Economics Working Papers 178, Department of Economics and Business, Universitat Pompeu Fabra.
  4. Serrano, Roberto & Volij, Oscar, 1998. "Axiomatizations of neoclassical concepts for economies," Journal of Mathematical Economics, Elsevier, vol. 30(1), pages 87-108, August.
  5. Korthues, Bernd, 2000. "Characterization of an extended Walrasian concept for open economies," Journal of Mathematical Economics, Elsevier, vol. 33(4), pages 449-461, May.

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