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.
Descriptors:
Subject Categories:
- Economics and Cost Analysis