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Recontracting and Competition

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Author Info
Nir Dagan

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

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
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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  31. Nir Dagan, 1996. "Consistency and the Walrasian Allocations Correspondence," Economic theory and game theory 012, Nir Dagan. [Downloadable!]
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  32. Ramon Faulí & Massimo Motta, 1994. "Why do Owners Let their Managers Pay too much for their Acquisitions?," Economics Working Papers 94, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
Full references

Cited by:
(explanations, 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.)

  1. Sjaak Hurkens & Nir Vulkan, 1996. "Information Acquisition and Entry," Economics Working Papers 155, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  2. Eiichi Miyagawa, 2002. "Reduced-form implementation," Discussion Papers 0203-09, Columbia University, Department of Economics. [Downloadable!]
  3. Nir Dagan & Roberto Serrano & Oscar Volij, 1996. "Bargaining, Coalitions and Competition," Economics Working Papers 178, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  4. Daron Acemoglu & Fabrizio Zilibotti, 1996. "Agency Costs in the Process of Development," Economics Working Papers 157, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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