Stochastic Blocking and Core Convergence in Nonconvex Production Economies
In production economies, the extent to which non-equilibria are blocked depends on specific rules that allocate authority among shareholders, because a blocking coalition's resources are affected by the firms it jointly owns with outsiders. Based on a notion of stochastic blocking, we extend Anderson's (1978) core convergence theorem to production economies where preferences and technologies are not necessarily convex.
|Date of creation:||21 Jan 2007|
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- Xiong, Siyang & Zheng, Charles Zhoucheng, 2007.
"Core equivalence theorem with production,"
Journal of Economic Theory,
Elsevier, vol. 137(1), pages 246-270, November.
- Haller, Hans, 1991. "Corporate Production and Shareholder Cooperation under Uncertainty," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 32(4), pages 823-42, November.
- Anderson, Robert M, 1978. "An Elementary Core Equivalence Theorem," Econometrica, Econometric Society, vol. 46(6), pages 1483-87, November.
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