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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 offering the other agent a bundle he prefers to his equilibrium bundle.

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Paper provided by Department of Economics and Business, Universitat Pompeu Fabra in its series Economics Working Papers with number 152.

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Date of creation: Aug 1994
Date of revision: Jan 1996
Handle: RePEc:upf:upfgen:152

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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.:
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  6. Jeffrey S. Simonoff & Frederic Udina, 1995. "Measuring the Stability of Histogram Appearance when the Anchor Position is Changed," Economics Working Papers 133, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  7. Massimo Motta & George Norman, 1993. "Does Economic Integration Cause Foreign Direct Investment?," Economics Working Papers 28, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  15. Nir Dagan, 1996. "Consistency and the Walrasian Allocations Correspondence," Economic theory and game theory 012, Nir Dagan. [Downloadable!]
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  16. 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!]
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  19. Hart, Sergiu & Mas-Colell, Andreu, 1996. "Bargaining and Value," Econometrica, Econometric Society, vol. 64(2), pages 357-80, March. [Downloadable!] (restricted)
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  20. Casey B. Mulligan & Xavier Sala-i-Martin, 1994. "A Labor-Income-Based Measure of the Value of Human Capital: An Application to the States of the United States," Economics Working Papers 106, Department of Economics and Business, Universitat Pompeu Fabra, revised Dec 1994. [Downloadable!]
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  21. Casey B. Mulligan & Xavier Sala-i-Martin, 1994. "Measuring Aggregate Human Capital," Economics Working Papers 112, Department of Economics and Business, Universitat Pompeu Fabra, revised Jan 1995. [Downloadable!]
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  22. Giorgia Giovannetti, 1993. "Import Pricing, Domestic Pricing and Market Structure," Economics Working Papers 71, Department of Economics and Business, Universitat Pompeu Fabra, revised Jan 1994. [Downloadable!]
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  24. Walter Garcia Fontes, 1993. "Price Competition in Segmented Industries," Economics Working Papers 34, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  25. Fabio Canova & Gianni De Nicolo, 1995. "The Equity Premium and the Risk Free Rate: A Cross Country, Cross Maturity Examination," Economics Working Papers 136, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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  26. Fabio Canova & Morten O. Ravn, 1993. "International Consumption Risk Sharing," Economics Working Papers 135, Department of Economics and Business, Universitat Pompeu Fabra, revised Jun 1995. [Downloadable!]
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  27. Canova, Fabio & Marcet, Albert, 1995. "The Poor Stay Poor: Non-Convergence Across Countries and Regions," CEPR Discussion Papers 1265, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  28. Antonio Cabrales & Takeo Hoshi, 1993. "Heterogeneous Beliefs, Wealth Accumulation, and Asset Price Dynamics," Economics Working Papers 55, Department of Economics and Business, Universitat Pompeu Fabra, revised Jun 1993. [Downloadable!]
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  29. 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. [Downloadable!]
  30. Dr. Peter Kenning & Hilke Plassmann, 2004. "NeuroEconomics," Experimental 0412005, EconWPA. [Downloadable!]
  31. Fabio Canova, 1994. "Does Detrending Matter for the Determination of the Reference Cycle and the Selection of Turning Points?," Economics Working Papers 113, Department of Economics and Business, Universitat Pompeu Fabra, revised Mar 1995. [Downloadable!]
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  32. Walter Garcia Fontes & Massimo Motta, 1994. "Quality of Professional Services under Price Floors," Economics Working Papers 87, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
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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. Eiichi Miyagawa, 2002. "Reduced-form implementation," Discussion Papers 0203-09, Columbia University, Department of Economics. [Downloadable!]
  2. 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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  3. 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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  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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