Nonconvergence of the Mas-Colell and Zhou Bargaining Sets
In an nontransferable utility (NTU) exchange economy with a continuum of agents, the Mas- Colell 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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Volume (Year): 65 (1997)
Issue (Month): 5 (September)
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