Existence of Edgeworth and competitive equilibria and fuzzy cores in coalition production economies

Jiuqiang Liu () and Xiaodong Liu ()

International Journal of Game Theory, 2014, vol. 43, issue 4, 975-990

Abstract: Debreu and Scarf (Int Econ Rev 4:235–246, 1963 ) proved that for an exchange economy or a production economy with the same production set for all coalitions, under some standard assumptions, an Edgeworth equilibrium is a competitive equilibrium, and Florenzano (J Math Anal Appl 153:18–36, 1990 ) proved that for such an economy, any allocation in the fuzzy core is an Edgeworth equilibrium. These results are extended to coalition production economies where each coalition can have a different production set. In fact, we establish the coincidence of the fuzzy core, the set of Edgeworth equilibria, and the set of competitive equilibria in a coalition production economy under some standard assumptions. We then prove the existence of the fuzzy core in such a coalition production economy by using a fuzzy extension of Scarf’s core existence theorem, thereby establishing the existence of Edgeworth equilibria and competitive equilibria in such economies. Copyright Springer-Verlag Berlin Heidelberg 2014

Keywords: Cores; Balanced collections; NTU games; Competitive equilibrium; Edgeworth equilibrium; Coalition production economy (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (2)

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DOI: 10.1007/s00182-014-0414-1

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