Econometrica Vol. 65 No. 5 1997
Nonconvergence of the Mas-Colell and Zhou Bargaining Sets
open access
Abstract
In a nontransferable utility exchange economy with a continuum of agents, the Mas-Collel bargaining set coincides with the set of Walrasian equilibria. In this paper, we show that the Mas-Colell bargaining set, as well as a smaller bargaining set due to Zhou, may fail to converge to competitive outcomes in large finite NTU exchange economies.
- DOI
- 10.2307/2171887
- Volume
- 65
- Issue
- 5
- Pages
- 1227
- Sources
- bibtex:phds-export.bib crossref openalex