Stochastic Blocking and Core Convergence in Nonconvex Production Economies

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 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)
Date: 2007-01-21
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Related works:
Working Paper: Stochastic blocking and core convergence in nonconvex production economies (2007)
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