Core Equivalence Theorem with Production

Siyang Xiong and Charles Zheng

Staff General Research Papers Archive from Iowa State University, Department of Economics

Abstract: In production economies, the extent to which non-equilibria are blocked depends on the allocation of control rights among shareholders, because a blocking coalition's resources are affected by the firms it jointly owns with outsiders. We formulate a notion of blocking that takes such interdependency problem into account, and we prove an analog of the Debreu-Scarf theorem for replica production economies. Our theorem differs from theirs in using an additional assumption, which we argue is indispensable and is driven by the interdependency problem.

Date: 2007-11-01
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Published in Journal of Economic Theory, November 2007, vol. 137 no. 1, pp. 246-270

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Journal Article: Core equivalence theorem with production (2007)
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