Accession Number:

AD0297030

Title:

THE CORE OF AN ECONOMY WITH NONCONVEX PREFERENCES

Descriptive Note:

Corporate Author:

RAND CORP SANTA MONICA CA

Personal Author(s):

Report Date:

1963-02-01

Pagination or Media Count:

51.0

Abstract:

A model of a pure exchange economy is investigated without the usual assumption of convex preference sets for the participating traders. The concept of core, taken from the theory of games, is applied to show that if there are sufficiently many participants, the economy as a whole will possess a solution that is sociologically stable--i.e., that cannot be upset by any coalition of traders.

Subject Categories:

  • Economics and Cost Analysis

Distribution Statement:

APPROVED FOR PUBLIC RELEASE