Efficiency and optimality in economies described by coalitions (Q1083998): Difference between revisions

The author extends previous results obtained by himself. This is done for a different economic model. Previously the building unit was the individual agent and consequently the appropriate mathematical tools were multifunctions, their sets of integrable selectors and their integrals in the sense of Aumann. Here, the author changes the approach and follows Vind and considers the coalition and multimeasures as basic tools of the model. A central problem in economics is the characterization of efficient programs of resource allocation by a price system and the use of a price mechanism to attain such an allocation in economies where decision making is decentralized. Previous work of Majumdar, Peleg and Radner are developed more generally by the author. The author concludes this effort by addressing those problems from the point of view of coalitions.