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The Second Best Core
Daniel F. Spulber
International Economic Review
Vol. 30, No. 3 (Aug., 1989), pp. 623-631
Published by: Wiley for the Economics Department of the University of Pennsylvania and Institute of Social and Economic Research, Osaka University
Stable URL: http://www.jstor.org/stable/2526779
Page Count: 9
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An economy with a single output and input is considered for the case of economies of scale in production. Equilibria are studied for a cooperative game of joint production in which goods are allocated by a price system. The paper proposes a second best core in which allocations that are feasible for a coalition must be attainable by a price system. Existence is examined and properties of second best core allocations are analysed.
International Economic Review © 1989 Economics Department of the University of Pennsylvania