Equivalence of Competitive Equilibria, Fuzzy Cores, and Fuzzy Bargaining Sets in Finite Production Economies

Jiuqiang Liu ()
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Jiuqiang Liu: College of Big Data Statistics, Guizhou University of Finance and Economics, Guiyang 550025, China

Mathematics, 2022, vol. 10, issue 18, 1-16

Abstract: For an exchange economy with a continuum of traders and a finite-dimensional commodity space under some standard assumptions, Aumann showed that the core and the set of competitive allocations (two most important solutions) coincide and Mas-Colell proved that the bargaining set and the set of competitive allocations coincide. However, in the case of exchange economies with a finite number of traders, it is well-known that the set of competitive allocations could be a strict subset of the core which can also be a strict subset of the bargaining set. In this paper, we establish the equivalence of the fuzzy core, the fuzzy bargaining set (or Aubin bargaining set), and the set of competitive allocations in a finite coalition production economy with an infinite-dimensional commodity space under some standard assumptions. We first derive a continuous equivalence theorem and then discretize it to obtain the desired equivalence in finite economies.

Keywords: coalition production economy; competitive equilibrium; core; fuzzy core; fuzzy bargaining set (search for similar items in EconPapers)
JEL-codes: C (search for similar items in EconPapers)
Date: 2022
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