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Bargaining sets in finite economies

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  • Hervés-Beloso, Carlos
  • Hervés-Estévez, Javier
  • Moreno-García, Emma

Abstract

We provide a notion of bargaining set for a finite production economy based on a two-step veto mechanism à la Aubin (1979). We show that this bargaining set and the set of Walrasian allocations coincide. At the light of our result we refine Mas-Colell’s bargaining set for replicas of a finite economy. Our main result shows the persistence of Anderson et al.’s (1997) non-convergence of the bargaining sets to the set of Walrasian allocations. In addition, we analyze how the restriction on the formation of coalitions affects the bargaining set.

Suggested Citation

  • Hervés-Beloso, Carlos & Hervés-Estévez, Javier & Moreno-García, Emma, 2018. "Bargaining sets in finite economies," Journal of Mathematical Economics, Elsevier, vol. 74(C), pages 93-98.
    • Handle: RePEc:eee:mateco:v:74:y:2018:i:c:p:93-98
    DOI: 10.1016/j.jmateco.2017.11.008
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    References listed on IDEAS

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    1. Schjodt, Ulla & Sloth, Birgitte, 1994. "Bargaining Sets with Small Coalitions," International Journal of Game Theory, Springer;Game Theory Society, vol. 23(1), pages 49-55.
    2. Aliprantis, Charalambos D & Brown, Donald J & Burkinshaw, Owen, 1987. "Edgeworth Equilibria," Econometrica, Econometric Society, vol. 55(5), pages 1109-1137, September.
    3. Schmeidler, David, 1972. "A Remark on the Core of an Atomless Economy," Econometrica, Econometric Society, vol. 40(3), pages 579-580, May.
    4. Robert M. Anderson & Walter Trockel & Lin Zhou, 1997. "Nonconvergence of the Mas-Colell and Zhou Bargaining Sets," Econometrica, Econometric Society, vol. 65(5), pages 1227-1240, September.
    5. Grodal, Birgit, 1972. "A Second Remark on the Core of an Atomless Economy," Econometrica, Econometric Society, vol. 40(3), pages 581-583, May.
    6. Vind, Karl, 1972. "A Third Remark on the Core of an Atomless Economy," Econometrica, Econometric Society, vol. 40(3), pages 585-586, May.
    7. Liu, Jiuqiang, 2017. "Equivalence of the Aubin bargaining set and the set of competitive equilibria in a finite coalition production economy," Journal of Mathematical Economics, Elsevier, vol. 68(C), pages 55-61.
    8. Aliprantis, Charalambos D. & Brown, Donald J. & Burkinshaw, Owen, 1987. "Edgeworth equilibria in production economies," Journal of Economic Theory, Elsevier, vol. 43(2), pages 252-291, December.
    9. Mas-Colell, Andreu, 1989. "An equivalence theorem for a bargaining set," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 129-139, April.
    10. Jiuqiang Liu & Huihui Zhang, 2016. "Coincidence of the Mas-Colell bargaining set and the set of competitive equilibria in a continuum coalition production economy," International Journal of Game Theory, Springer;Game Theory Society, vol. 45(4), pages 1095-1109, November.
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    Cited by:

    1. Bhowmik, Anuj & Saha, Sandipan, 2023. "Restricted bargaining sets in a club economy," MPRA Paper 119210, University Library of Munich, Germany.

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