Bargaining, Coalitions and Competition
We study a decentralized matching model in a large exchange economy, in which trade takes place through non--cooperative bargaining in coalitions of finite size. Under essentially the same conditions of core equivalence, we show that the strategic equilibrium outcomes of our model coincide with the Walrasian allocations of the economy. Our method of proof exploits equivalence results between the core and Walrasian equilibria. Our model relaxes differentiability and convexity of preferences thereby covering the case of indivisible goods.
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|Date of creation:||01 Jan 2000|
|Date of revision:|
|Publication status:||Published in Economic Theory 2000, vol. 15, pp. 279-296|
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"On equilibrium allocations as distributions on the commodity space,"
CORE Discussion Papers RP
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252, David K. Levine.
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- Martin J. Osborne & Ariel Rubinstein, 2005. "Bargaining and Markets," Levine's Bibliography 666156000000000515, UCLA Department of Economics.
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- Gale, Douglas M, 1986. "Bargaining and Competition Part I: Characterization," Econometrica, Econometric Society, vol. 54(4), pages 785-806, July.
- Hammond, Peter J. & Kaneko, Mamoru & Wooders, Myrna Holtz, 1989. "Continuum economies with finite coalitions: Core, equilibria, and widespread externalities," Journal of Economic Theory, Elsevier, vol. 49(1), pages 113-134, October.
- Nir Dagan, 1994.
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152, Department of Economics and Business, Universitat Pompeu Fabra, revised Jan 1996.
- Gale, Douglas M, 1986. "Bargaining and Competition Part II: Existence," Econometrica, Econometric Society, vol. 54(4), pages 807-18, July.
- Arial Rubinstein & Asher Wolinsky, 1985.
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Levine's Working Paper Archive
623, David K. Levine.
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- Roberto Serrano & Rajiv Vohra, 1997. "Non-cooperative implementation of the core," Social Choice and Welfare, Springer, vol. 14(4), pages 513-525.
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