Bibliographic Details
| Title: |
The Walrasian objection mechanism and Mas-Colell's bargaining set in economies with many commodities. |
| Authors: |
Urbinati, Niccolò1 (AUTHOR) niccolo.urbinati@unive.it |
| Superior Title: |
Economic Theory. Jul2023, Vol. 76 Issue 1, p45-68. 24p. |
| Subject Terms: |
*NEGOTIATION, BANACH spaces |
| Abstract: |
We study the Walrasian objection mechanism in the framework of economies with a measure space of agents and a separable Banach space of commodities whose positive cone has a non-empty interior. We provide several characterizations of Walrasian objections and use them to study the bargaining set of the economy, as defined in Mas-Colell (J Math Econ 18(2):129–139, 1989). Our main result shows that whenever the measure space of agents is saturated, every non-competitive allocation can be blocked with a Walrasian objection. This implies that the bargaining set, the core and the set of competitive allocations are equivalent solution concepts. [ABSTRACT FROM AUTHOR] |
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| Database: |
Business Source Premier |