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Mass-Economies with Vital Small Coalitions; the F-Core Approach

Author

Listed:
  • Peter J. Hammond

    (Stanford University)

  • P. Kane

    (University of Tsukuba)

  • Myrna Holtz Wooders

    (University of Toronto)

Abstract

A mass-economy is one with many, many agents where each agent is negligible and each trading group is also negligible with respect to the mass-economy. Feasible allocations are those which are virtually attainable by trades only among members of coalitions contained in feasible ("measure-consistent") partitions of the agent set. A feasible allocation is in the core, called the f-core, if it cannot be improved upon by any finite coalition. We show that in a private goods economy with indivisibilities and without externalities, the f-core, the A-core (Aumann's core concept) and the Walrasian allocations coincide. In the presence of widespread externalities, the f-core and the Walrasian allocations coincide but the definition of the A-core is problematic. The conceptual significance of these results will be discussed.

Suggested Citation

  • Peter J. Hammond & P. Kane & Myrna Holtz Wooders, 1985. "Mass-Economies with Vital Small Coalitions; the F-Core Approach," Cowles Foundation Discussion Papers 752, Cowles Foundation for Research in Economics, Yale University.
    • Handle: RePEc:cwl:cwldpp:752
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    File URL: https://cowles.yale.edu/sites/default/files/files/pub/d07/d0752.pdf
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