Core Equivalence Theorem with Production
Siyang Xiong () and
Staff General Research Papers Archive from Iowa State University, Department of Economics
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.
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Published in Journal of Economic Theory, November 2007, vol. 137 no. 1, pp. 246-270
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Persistent link: https://EconPapers.repec.org/RePEc:isu:genres:12697
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