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A market interpretation of the proportional extended core

Listed author(s):
  • Bejan, Camelia
  • Gómez, Juan Camilo

Any TU-game can be generated from a production economy with indivisible labor inputs. An equilibrium of that economy always exists after a central intervention that taxes income and subsidizes production. The set of equilibrium allocations corresponding to the smallest income tax coincides with the proportional extended core of the game.

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File URL: http://www.sciencedirect.com/science/article/pii/S0165176512004454
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Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 117 (2012)
Issue (Month): 3 ()
Pages: 636-638

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Handle: RePEc:eee:ecolet:v:117:y:2012:i:3:p:636-638
DOI: 10.1016/j.econlet.2012.08.010
Contact details of provider: Web page: http://www.elsevier.com/locate/ecolet

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  1. Sun, Ning & Trockel, Walter & Yang, Zaifu, 2008. "Competitive outcomes and endogenous coalition formation in an n-person game," Journal of Mathematical Economics, Elsevier, vol. 44(7-8), pages 853-860, July.
  2. Garratt, Rod & Qin, Cheng-Zhong, 2000. "On Market Games When Agents Cannot Be in Two Places at Once," Games and Economic Behavior, Elsevier, vol. 31(2), pages 165-173, May.
  3. Shapley, Lloyd S. & Shubik, Martin, 1969. "On market games," Journal of Economic Theory, Elsevier, vol. 1(1), pages 9-25, June.
  4. Billera, Louis J., 1974. "On games without side payments arising from a general class of markets," Journal of Mathematical Economics, Elsevier, vol. 1(2), pages 129-139, August.
  5. Garratt, Rod & Qin, Cheng-Zhong, 1997. "On a Market for Coalitions with Indivisible Agents and Lotteries," Journal of Economic Theory, Elsevier, vol. 77(1), pages 81-101, November.
  6. Inoue, Tomoki, 2011. "Representation of TU games by coalition production economies," Center for Mathematical Economics Working Papers 430, Center for Mathematical Economics, Bielefeld University.
  7. Camelia Bejan & Juan Gómez, 2009. "Core extensions for non-balanced TU-games," International Journal of Game Theory, Springer;Game Theory Society, vol. 38(1), pages 3-16, March.
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