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A Comparison between the Core and the Monopoly Solutions in a Mixed Exchange Economy

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  • SHITOVITZ, B.

    (Department of Economics, Haifa University, Haifa, Israel)

Abstract

Using a mixed market model for analyzing imperfectly competitive economies, we maximize the oligopolists'vVelfare Function, given individual rationality and feasibility constraints. We prove that solutions belong to the core for a large class of economies.This class includes, in particular, every monopoly having a single type of small traders. Note that all such solutions yield the large trader, utility-wise, strictly more than at any monopoly solution, where the monopolist plays strategically, and the ocean of small traders act as being as price-takers.

Suggested Citation

  • Shitovitz, B., 1995. "A Comparison between the Core and the Monopoly Solutions in a Mixed Exchange Economy," LIDAM Discussion Papers CORE 1995021, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvco:1995021
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    File URL: https://sites.uclouvain.be/core/publications/coredp/coredp1995.html
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