Competition and the Core

Lester G Telser

Journal of Political Economy, 1996, vol. 104, issue 1, 85-107

Abstract: Core theory is a powerful tool to find competitive market-clearing prices. A familiar economic setting shows this, beginning with a single commodity produced using many factors of production and ending with the general case of many outputs and inputs. The analysis describes when the market has a core. When it has no core, there is a least upper bound on the payment each firm that does not participate in a central market must make that serves as an inducement to restore the core. Each firm can avoid this penalty by trading in the central market, resulting in market-clearing prices. Copyright 1996 by University of Chicago Press.

Date: 1996
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