When is the core equivalence theorem valid?
نویسندگان
چکیده
منابع مشابه
Core equivalence theorem with production
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 two notions of blocking. Corporate control is allocated deterministically (majority shares, unanimity, etc.) in one notion and stochastically (partne...
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In 1983 L. E. Jones exhibited a surprising example of a weakly Pareto optimal al location in a two consumer pure exchange economy that failed to be supported by prices. In this example the price space is not a vector lattice (Riesz space). Inspired by Jones' example, A. Mas-Colell and S. F. Richard proved that this pathological phenomenon cannot happen when the price space is a vector lattice....
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Contrary to a common belief that institutions do not matter in general equilibrium theory, this paper identifies in the theory a critical role played by corporate governance: 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 ow...
متن کاملIndivisible Commodities and an Equivalence Theorem on the Strong Core
We consider a pure exchange economy with finitely many indivisible commodities that are available only in integer quantities. We prove that in such an economy with a sufficiently large number of agents, but finitely many agents, the strong core coincides with the set of cost-minimized Walras allocations. Because of the indivisibility, the preference maximization does not imply the cost minimiza...
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The precise statement of the equivalence theorem, between the longitudinally polarized states of a massive gauge boson and the corresponding goldstone mode, is discussed when the amplitude in question depends on masses of other particles (e.g., the Higgs boson) in the theory.
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ژورنال
عنوان ژورنال: Economic Theory
سال: 1991
ISSN: 0938-2259,1432-0479
DOI: 10.1007/bf01211532