TITLE

Existence of Edgeworth and competitive equilibria and fuzzy cores in coalition production economies

AUTHOR(S)
Liu, Jiuqiang; Liu, Xiaodong
PUB. DATE
November 2014
SOURCE
International Journal of Game Theory;Nov2014, Vol. 43 Issue 4, p975
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
Debreu and Scarf (Int Econ Rev 4:235-246, ) proved that for an exchange economy or a production economy with the same production set for all coalitions, under some standard assumptions, an Edgeworth equilibrium is a competitive equilibrium, and Florenzano (J Math Anal Appl 153:18-36, ) proved that for such an economy, any allocation in the fuzzy core is an Edgeworth equilibrium. These results are extended to coalition production economies where each coalition can have a different production set. In fact, we establish the coincidence of the fuzzy core, the set of Edgeworth equilibria, and the set of competitive equilibria in a coalition production economy under some standard assumptions. We then prove the existence of the fuzzy core in such a coalition production economy by using a fuzzy extension of Scarf's core existence theorem, thereby establishing the existence of Edgeworth equilibria and competitive equilibria in such economies.
ACCESSION #
99473451

 

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