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Stochastic Blocking and Core Convergence in Nonconvex Production Economies

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  • Xiong, Siyang
  • Zheng, Charles Zhoucheng

Abstract

In production economies, the extent to which non-equilibria are blocked depends on specific rules that allocate authority among shareholders, because a blocking coalition's resources are affected by the firms it jointly owns with outsiders. Based on a notion of stochastic blocking, we extend Anderson's (1978) core convergence theorem to production economies where preferences and technologies are not necessarily convex.

Suggested Citation

  • Xiong, Siyang & Zheng, Charles Zhoucheng, 2007. "Stochastic Blocking and Core Convergence in Nonconvex Production Economies," Staff General Research Papers Archive 12711, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genres:12711
    as

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    File URL: http://www2.econ.iastate.edu/papers/p3864-2007-01-21.pdf
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    References listed on IDEAS

    as
    1. Haller, Hans, 1991. "Corporate Production and Shareholder Cooperation under Uncertainty," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 32(4), pages 823-842, November.
    2. Xiong, Siyang & Zheng, Charles Zhoucheng, 2007. "Core equivalence theorem with production," Journal of Economic Theory, Elsevier, vol. 137(1), pages 246-270, November.
    3. Gerard Debreu, 1963. "On a Theorem of Scarf," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 30(3), pages 177-180.
    4. Anderson, Robert M, 1978. "An Elementary Core Equivalence Theorem," Econometrica, Econometric Society, vol. 46(6), pages 1483-1487, November.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    core; coalition; production; blocking; core convergence; nonconvexity; stochastic blocking;
    All these keywords.

    JEL classification:

    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General

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