(Sophisticated) stable sets in exchange economies (Q700126)

Given a pure exchange economy, two spaces can be considered -- the allocation space and its corresponding utility space. The authors demonstrate that the von Neumann and Morgenstern stable set in the allocation space may differ from that in the corresponding utility space. They define a sophicated version of the von Neumann and Morgenstern stable set by following Harsanyi's idea and show that the solution with respect to these two spaces coincide.