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Interactive blocking in Arrow-Debreu economies

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  • Xiong, Siyang
  • Zheng, Charles Zhoucheng

Abstract

Competitive behaviors such as outbidding one's rivals may be countered by the rivals' threat of mutually destructive objections. In an Arrow-Debreu model of production economies with firms privatized by property rights, we model such hindered competitive behaviors as a coalition's attempt to block a status quo given the threat that the outsiders of the coalition, especially those with whom the coalition shares ownership of firms, may resort to production-ruining secession. We introduce new concepts of the core such that a coalition's blocking plan is feasible only if it is not blocked by the outsiders with such secession. Based on such notions, we prove core equivalence theorems in the replication framework.

Suggested Citation

  • Xiong, Siyang & Zheng, Charles Zhoucheng, 2008. "Interactive blocking in Arrow-Debreu economies," ISU General Staff Papers 200811020700001162, Iowa State University, Department of Economics.
    • Handle: RePEc:isu:genstf:200811020700001162
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    1. Martin Shubik, 2007. "The Theory of Money and Financial Institutions: A Summary of a Game Theoretic Approach," The IUP Journal of Monetary Economics, IUP Publications, vol. 0(2), pages 6-26, May.
    2. Anderson, Robert M, 1978. "An Elementary Core Equivalence Theorem," Econometrica, Econometric Society, vol. 46(6), pages 1483-1487, November.
    3. Xiong, Siyang & Zheng, Charles Zhoucheng, 2007. "Core equivalence theorem with production," Journal of Economic Theory, Elsevier, vol. 137(1), pages 246-270, November.
    4. Gerard Debreu, 1963. "On a Theorem of Scarf," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 30(3), pages 177-180.
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