The Second Best Core
An economy with a single output and input is considered for the case of economies of scale in production. Equilibria are studied for a cooperative game of joint production in which goods are allocated by a price system. The paper proposes a second-best core in which allocations that are feasible for a coalition must be attainable by a price system. Existence is examined and properties of second-best core allocations are analyzed. Copyright 1989 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.
Volume (Year): 30 (1989)
Issue (Month): 3 (August)
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