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Decentralization for the Core of Non‐Convex Economies With Externalities

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  • Maria Gabriella Graziano
  • Marialaura Pesce
  • Vincenzo Platino

Abstract

We study pure exchange economies with consumption externalities, where agents' preferences depend on others' consumption and may be non‐convex. Adopting a cooperative approach, we allow agents to form coalitions and introduce a notion of generalized fuzzy core. We show that core allocations can be decentralized via suitable price systems. We establish a core equivalence theorem for A‐equilibria, which generalizes Walras‐Nash and Berge equilibria with externalities. We also prove a corresponding equivalence result for economies with Arrowian markets, where generalized fuzzy core allocations can be supported as Information equilibria with personalized and market prices.

Suggested Citation

  • Maria Gabriella Graziano & Marialaura Pesce & Vincenzo Platino, 2026. "Decentralization for the Core of Non‐Convex Economies With Externalities," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 28(4), August.
    • Handle: RePEc:bla:jpbect:v:28:y:2026:i:4:n:e70129
    DOI: 10.1111/jpet.70129
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