Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
957059 | Journal of Economic Theory | 2007 | 25 Pages |
Abstract
In production economies, the extent to which non-equilibria are blocked depends on the allocation of control rights among shareholders, because a blocking coalition's resources are affected by the firms it jointly owns with outsiders. We formulate a notion of blocking that takes such interdependency problem into account, and we prove an analog of the Debreu-Scarf theorem for replica production economies. Our theorem differs from theirs in using an additional assumption, which we argue is indispensable and is driven by the interdependency problem.
Related Topics
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Economics and Econometrics
Authors
Siyang Xiong, Charles Zhoucheng Zheng,