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Blocking efficacy of Small Coalitions in Myopic Economies

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URI: http://hdl.handle.net/10016/5478
ISSN: 0022-0531
DOI: 10.1006/jeth.2000.2647
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blocking_nunez_JET_2000_ps.pdf (571.02 KB)
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2000
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Elsevier
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Abstract
We consider a continuum economy with infinitely many commodities and show that, for any positive var epsilon, the core of the economy coincides with the set of allocations which are not blocked by any coalition with measure less than var epsilon. Actually, our main result is an extension of Grodal's (1972, Econometrica40, 581–583) result and, therefore, Schmeidler's (1972, Econometrica40, 579–580) result to economies whose commodity space is ℓ∞, for myopic preferences.
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Continuum economy, Coalitions, Core, Perfect competition, Walrasian equilibrium
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Journal of Economic Theory. 2000, vol. 93, nº 1, p. 72-86
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