The Econometric SocietyEdited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262
Econometrica: May, 1973, Volume 41, Issue 3
https://doi.org/0012-9682(197305)41:3<425:EC>2.0.CO;2-8
p. 425-454
Truman F. Bewley
We study the properties of the core of large markets. We assume that traders' preferences have certain standard properties, that their preferences belong to a set which is compact with respect to a certain topology, and that there is a bound on their initial endowments. It is then found that if a market contains sufficiently many traders and if there are many traders similar to any one trader, then every core allocation is similar to a price equilibrium in a very strong sense. This fact implies a precise formulation of the following statement: for most large markets, the core decomposes into disjoint clusters of allocations, the allocations in each cluster being very similar. This statement may be interpreted as an explanation of why traders in large markets normally feel that they have little bargaining power.
March 5, 2024
The terms of the Editors of the Econometric Society's three journals end June 30, 2025. We are pleased to announce the incoming Editors and to thank the outgoing Editors for their excellent and continuing service.
Econometrica: Since 2019, Guido Imbens has served as the 14th Editor of Econometrica. On July 1, 2025, Marina Halac will become the Editor.
Quantitative Economics: Stéphane Bonhomme has been the Editor of Quantitative Economics since 2021. His successor will be Bernard Salanié.
Theoretical Economics: The Editor of Theoretical Economics since 2021 has been Simon Board. Taking over for him in July 2025 will be Federico Echenique.
Guido, Stéphane, and Simon have been outstanding Editors. We are grateful to them for the work they have done and will continue to do, and we look forward to further congratulating them next year. We believe Marina, Bernard, and Federico will be outstanding successors and we thank them in advance for their service.
Finally, we are grateful to Larry Samuelson for chairing all three search committees, and we thank the search committee members for their hard and fruitful work:
Econometrica: Christian Dustmann, Lars Hansen, Alessandro Lizzeri, George Mailath, Ariel Pakes, Helene Rey, and Elie Tamer.
QE: Kate Ho, Michael Keane, Felix Kubler, Whitney Newey, and Frank Schorfheide.
TE: Jeff Ely, Johannes Horner, Gilat Levy, Meg Meyer, and Ran Spiegler.
