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Quasi-Cores in a Monetary Economy with Nonconvex Preferences

L. S. Shapley and M. Shubik
Econometrica
Vol. 34, No. 4 (Oct., 1966), pp. 805-827
Published by: The Econometric Society
DOI: 10.2307/1910101
Stable URL: http://www.jstor.org/stable/1910101
Page Count: 23
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Quasi-Cores in a Monetary Economy with Nonconvex Preferences
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Abstract

A model of a pure exchange economy is investigated without the usual assumption of convex preference sets for the participating traders. The concept of core, taken from the theory of games, is applied to show that if there are sufficiently many participants, the economy as a whole will posses a solution that is sociologically stable--i.e., that cannot profitably be upset by any coalition of traders.

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