A comparison between the core and the monopoly solutions in a mixed exchange economy

Benyamin Shitovitz
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Benyamin Shitovitz: Department of Economics, Haifa University, Haifa 31905, ISRAEL

Economic Theory, 1997, vol. 10, issue 3, 559-563

Abstract: Using a mixed market model for analyzing imperfectly competitive economies, we maximize the oligopolists' Welfare 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.

JEL-codes: C71 D42 D51 (search for similar items in EconPapers)
Date: 1997-09-16
Note: Received: March 4, 1996; revised version July 7, 1996
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Citations: View citations in EconPapers (19)

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