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Existence of Edgeworth and competitive equilibria and fuzzy cores in coalition production economies

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  • Jiuqiang Liu
  • Xiaodong Liu

Abstract

Debreu and Scarf (Int Econ Rev 4:235–246, 1963 ) proved that for an exchange economy or a production economy with the same production set for all coalitions, under some standard assumptions, an Edgeworth equilibrium is a competitive equilibrium, and Florenzano (J Math Anal Appl 153:18–36, 1990 ) proved that for such an economy, any allocation in the fuzzy core is an Edgeworth equilibrium. These results are extended to coalition production economies where each coalition can have a different production set. In fact, we establish the coincidence of the fuzzy core, the set of Edgeworth equilibria, and the set of competitive equilibria in a coalition production economy under some standard assumptions. We then prove the existence of the fuzzy core in such a coalition production economy by using a fuzzy extension of Scarf’s core existence theorem, thereby establishing the existence of Edgeworth equilibria and competitive equilibria in such economies. Copyright Springer-Verlag Berlin Heidelberg 2014

Suggested Citation

  • Jiuqiang Liu & Xiaodong Liu, 2014. "Existence of Edgeworth and competitive equilibria and fuzzy cores in coalition production economies," International Journal of Game Theory, Springer;Game Theory Society, vol. 43(4), pages 975-990, November.
    • Handle: RePEc:spr:jogath:v:43:y:2014:i:4:p:975-990
    DOI: 10.1007/s00182-014-0414-1
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    References listed on IDEAS

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    Cited by:

    1. Liu, Jiuqiang, 2017. "Equivalence of the Aubin bargaining set and the set of competitive equilibria in a finite coalition production economy," Journal of Mathematical Economics, Elsevier, vol. 68(C), pages 55-61.
    2. Chiara Donnini & Marialaura Pesce, 2021. "Fairness and fuzzy coalitions," International Journal of Game Theory, Springer;Game Theory Society, vol. 50(4), pages 1033-1052, December.

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