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The Weak Hybrid Equilibria of an Exchange Economy with a Continuum of Agents and Externalities

Author

Listed:
  • Yang Zhe

    (School of Economics, Shanghai University of Finance and Economics, Shanghai, 200433, China)

Abstract

Inspired by Zhao, J. 1996. “The Hybrid Equilibria and Core Selection in Exchange Economies with Externalities.” Journal of Mathematical Economics 26 (4): 387–407, Askoura, Y. 2011. “The Weak-Core of a Game in Normal Form with a Continuum of Players.” Journal of Mathematical Economics 47: 43–7, Askoura, Y. 2017. “On the Core of Normal Form Games with a Continuum of Players.” Mathematical Social Sciences 89: 32–42, Yang, Z. 2020. “The Weak α-core of Exchange Economies with a Continuum of Players and Pseudo-utilities.” Journal of Mathematical Economies 91: 43–50 and Yang, Z., and X. Zhang. 2021. “A Weak α-core Existence Theorem of Games with Nonordered Preferences and a Continuum of Agents.” Journal of Mathematical Economics 94: 102464, we establish an exchange economy with externalities and a continuum of agents. We define the weak hybrid equilibrium in this model and prove the existence theorem under the regular conditions. Furthermore, we analyze the relation between the set of hybrid equilibria and the set of competitive equilibria in an exchange economy without externalities and with a continuum of agents.

Suggested Citation

  • Yang Zhe, 2023. "The Weak Hybrid Equilibria of an Exchange Economy with a Continuum of Agents and Externalities," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 23(2), pages 757-780, June.
    • Handle: RePEc:bpj:bejtec:v:23:y:2023:i:2:p:757-780:n:1
    DOI: 10.1515/bejte-2021-0098
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    More about this item

    Keywords

    weak hybrid equilibrium; exchange economy; externalities; a continuum of agents;
    All these keywords.

    JEL classification:

    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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