The Stability of Edgeworth's Recontracting Process

The Stability of Edgeworth's Recontracting Process

The core is the set of all unblocked allocations. Implicit in this definition is the idea that if an allocation is proposed which could be blocked, some coalition will form and issue a counterproposal which it can enforce. A process of successive counterproposals based on this idea is shown to conve...

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Veröffentlicht in:Econometrica 1974-01, Vol.42 (1), p.21-34
1. Verfasser: Green, Jerry R.
Format: Artikel
Sprache:eng
Schlagworte:
Bartering
Behavior
Cubes
Economic competition
Economic systems
Economic theory
Endowments
Equilibrium
Euclidean space
Excess demand
Hypotheses
Lebesgue measures
Price level changes
Surface areas
Utility functions
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Beschreibung
Zusammenfassung:The core is the set of all unblocked allocations. Implicit in this definition is the idea that if an allocation is proposed which could be blocked, some coalition will form and issue a counterproposal which it can enforce. A process of successive counterproposals based on this idea is shown to converge in a finite period of time (amost surely) to the core.
ISSN:0012-9682
1468-0262
DOI:10.2307/1913682