Clubs and the market: Large finite economies (Q5956276)
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scientific article; zbMATH DE number 1708985
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | Clubs and the market: Large finite economies |
scientific article; zbMATH DE number 1708985 |
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Clubs and the market: Large finite economies (English)
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20 February 2002
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As said in the title the authors consider finite economies with exchange and club formation. Especially they ask for the existence of equilibria. If the number of agents is large enough they get an affirmative answer (approximate equilibria) using a special approximate core (Anderson's fat \(\varepsilon\)-core) and showing, that it is not empty [\textit{R. M. Anderson}, Econometrica 53, 1283-1293 (1989; Zbl 0589.90016)]. Three examples illustrate different cases, which are possible in such club economies.
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clubs
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approximate cores
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approximate equilibrium
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