Stochastic Blocking and Core Convergence in Nonconvex Production Economies
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 specific rules that allocate authority among shareholders, because a blocking coalition's resources are affected by the firms it jointly owns with outsiders. Based on a notion of stochastic blocking, we extend Anderson's (1978) core convergence theorem to production economies where preferences and technologies are not necessarily convex.
Keywords: core; coalition; production; blocking; core convergence; nonconvexity; stochastic blocking (search for similar items in EconPapers)
JEL-codes: D50 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:isu:genres:12711
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