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July 1979 - Volume 47 Issue 4 Page 869 - 876


p.869


Existence of a Core When There Are Increasing Returns

W. W. Sharkey

Abstract

A model of a cooperative game without side payments is used to study the core of an economy subject to increasing returns. The major result is that quasi-convexity and subhomogeneity of the cost function along with restrictive but plausible conditions on preferences are sufficient for the existence of a core. Implications are considered for both partial and general equilibrium analysis.

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