Journal Of The Econometric Society

An International Society for the Advancement of Economic
Theory in its Relation to Statistics and Mathematics

Edited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262

Econometrica: Jan, 1974, Volume 42, Issue 1

The Stability of Edgeworth's Recontracting Process<21:TSOERP>2.0.CO;2-C
p. 21-34

Jerry R. Green

The core is the set of all unblocked allocations. Implicit in this definition is the idea that if an allocation is proposed which could be blocked, some coalition will form and issue a counterproposal which it can enforce. A process of successive counterproposals based on this idea is shown to converge in a finite period of time (amost surely) to the core.

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