A Comparison between the Core and the Monopoly Solutions in a Mixed Exchange Economy

B. Shitovitz
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B. Shitovitz: Department of Economics, Haifa University, Haifa, Israel

No 1995021, LIDAM Discussion Papers CORE from Université catholique de Louvain, Center for Operations Research and Econometrics (CORE)

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

Date: 1995-03-01
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Persistent link: https://EconPapers.repec.org/RePEc:cor:louvco:1995021

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