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.
MLA
Shapley, L. S., and M. Shubik. “Quasi-Cores in a Monetary Economy with Nonconvex Preferences.” Econometrica, vol. 34, .no 4, Econometric Society, 1966, pp. 805-827, https://www.jstor.org/stable/1910101
Chicago
Shapley, L. S., and M. Shubik. “Quasi-Cores in a Monetary Economy with Nonconvex Preferences.” Econometrica, 34, .no 4, (Econometric Society: 1966), 805-827. https://www.jstor.org/stable/1910101
APA
Shapley, L. S., & Shubik, M. (1966). Quasi-Cores in a Monetary Economy with Nonconvex Preferences. Econometrica, 34(4), 805-827. https://www.jstor.org/stable/1910101
The Executive Committee of the Econometric Society has approved an increase in the submission fees for papers in Econometrica. Starting January 1, 2025, the fee for new submissions to Econometrica will be US$125 for regular members and US$50 for student members.
By clicking the "Accept" button or continuing to browse our site, you agree to first-party and session-only cookies being stored on your device. Cookies are used to optimize your experience and anonymously analyze website performance and traffic.