A comparison between the core and the monopoly solutions in a mixed exchange economy
Using a mixed market model for analyzing imperfectly competitive economies, we maximize the oligopolists' Welfare Function, given individual rationality and feasibility constraints. We prove that solutions belong to the core for a large class of economies. This class includes, in particular, every monopoly having a single type of small traders. Note that all such solutions yield the large trader, utility-wise, strictly more than at any monopoly solution, where the monopolist plays strategically, and the ocean of small traders act as being as price-takers.
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Volume (Year): 10 (1997)
Issue (Month): 3 ()
|Note:||Received: March 4, 1996; revised version July 7, 1996|
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