Core equivalence theorem with production

• 成果类型: Article
• 署名作者: Xiong, Siyang; Zheng, Charles Zhoucheng
• 署名单位: Iowa State University; Northwestern University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2007.01.009
• 发表日期: 2007
• 页码: 246-270
• 关键词: core equivalence; Production; core; coalition; blocking

摘要

In production economies, the extent to which non-equilibria are blocked depends on the allocation of control rights among shareholders, because a blocking coalition's resources are affected by the firms it jointly owns with outsiders. We formulate a notion of blocking that takes such interdependency problem into account, and we prove an analog of the Debreu-Scarf theorem for replica production economies. Our theorem differs from theirs in using an additional assumption, which we argue is indispensable and is driven by the interdependency problem. (c) 2007 Elsevier Inc. All rights reserved.