TY - JOUR
T1 - Blocking Efficacy of Small Coalitions in Myopic Economies
AU - Hervés-Beloso, Carlos
AU - Moreno-García, Emma
AU - Núñez-Sanz, Carmelo
AU - Páscoa, Mário
PY - 2000/7
Y1 - 2000/7
N2 - We consider a continuum economy with infinitely many commodities and show that, for any positive ε, the core of the economy coincides with the set of allocations which are not blocked by any coalition with measure less than ε. 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. Journal of Economic Literature Classification Numbers: C71, D51.
AB - We consider a continuum economy with infinitely many commodities and show that, for any positive ε, the core of the economy coincides with the set of allocations which are not blocked by any coalition with measure less than ε. 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. Journal of Economic Literature Classification Numbers: C71, D51.
KW - Coalitions
KW - Continuum economy
KW - Core
KW - Perfect competition
KW - Walrasian equilibrium
UR - http://www.scopus.com/inward/record.url?scp=17344384637&partnerID=8YFLogxK
U2 - 10.1006/jeth.2000.2647
DO - 10.1006/jeth.2000.2647
M3 - Article
AN - SCOPUS:17344384637
SN - 0022-0531
VL - 93
SP - 72
EP - 86
JO - Journal of Economic Theory
JF - Journal of Economic Theory
IS - 1
ER -