Nonconvergence of the Mas-Colell and Zhou Bargaining Sets
In a nontransferable utility exchange economy with a continuum of agents, the Mas-Collel bargaining set coincides with the set of Walrasian equilibria. In this paper, we show that the Mas-Colell bargaining set, as well as a smaller bargaining set due to Zhou, may fail to converge to competitive outcomes in large finite NTU exchange economies.
When requesting a correction, please mention this item's handle: RePEc:wpa:wuwpga:9403001. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (EconWPA)
If references are entirely missing, you can add them using this form.