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Competition and the Core

  • Telser, Lester G
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    Core theory is a powerful tool to find competitive market-clearing prices. A familiar economic setting shows this, beginning with a single commodity produced using many factors of production and ending with the general case of many outputs and inputs. The analysis describes when the market has a core. When it has no core, there is a least upper bound on the payment each firm that does not participate in a central market must make that serves as an inducement to restore the core. Each firm can avoid this penalty by trading in the central market, resulting in market-clearing prices. Copyright 1996 by University of Chicago Press.

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    File URL: http://dx.doi.org/10.1086/262018
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    Article provided by University of Chicago Press in its journal Journal of Political Economy.

    Volume (Year): 104 (1996)
    Issue (Month): 1 (February)
    Pages: 85-107

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    Handle: RePEc:ucp:jpolec:v:104:y:1996:i:1:p:85-107
    Contact details of provider: Web page: http://www.journals.uchicago.edu/JPE/

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    1. N/A, 1977. "Chapter I. The Home Economy," National Institute Economic Review, National Institute of Economic and Social Research, vol. 81(1), pages 6-20, August.
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