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Nonconvergence of the Mas-Colell and Zhou Bargaining Sets

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Author Info

  • Robert M. Anderson

    (University of California at Berkeley, anderson@econ.berkeley.edu)

  • Walter Tockel

    (University of Bielefeld)

  • Lin Zhou

    (Cowles Foundation, Yale University)

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Abstract

In a nontransferable utility exchange economy with a continuum of agents, the Mas-Collel bargaining set coincides with the set of Walrasian equilibria. In this paper, we show that the Mas-Colell bargaining set, as well as a smaller bargaining set due to Zhou, may fail to converge to competitive outcomes in large finite NTU exchange economies.

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Bibliographic Info

Paper provided by EconWPA in its series Game Theory and Information with number 9403001.

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Length: 18 pages
Date of creation: 02 Mar 1994
Date of revision:
Handle: RePEc:wpa:wuwpga:9403001

Note: 18 pages, postscript file, compressed
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Web page: http://128.118.178.162

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Cited by:
  1. Hara, Chiaki, 2005. "Bargaining set and anonymous core without the monotonicity assumption," Journal of Mathematical Economics, Elsevier, vol. 41(4-5), pages 545-556, August.
  2. Hara, Chiaki, 2002. "The anonymous core of an exchange economy," Journal of Mathematical Economics, Elsevier, vol. 38(1-2), pages 91-116, September.
  3. Sun,N. & Trockel,W. & Yang,Z., 2004. "Competitive outcomes and endogenous coalition formation in an n-person game," Working Papers 358, Bielefeld University, Center for Mathematical Economics.
  4. Roberto Serrano & Rajiv Vohra & Oscar Volij, 2001. "On the Failure of Core Convergence in Economies with Asymmetric Information," Econometrica, Econometric Society, vol. 69(6), pages 1685-1696, November.
  5. Kovalenkov, Alexander, 2002. "Simple Strategy-Proof Approximately Walrasian Mechanisms," Journal of Economic Theory, Elsevier, vol. 103(2), pages 475-487, April.

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