SFB 303 Discussion Paper No. A - 039
Author: Hildenbrand, Werner
Title: The Core of an Economy
Abstract: The core of an economy consists of those states of the economy which no group of agents can "improve
upon". A group of agents can improve upon a state of the economy if, by using the means available to that
group, each member can be made better off. Nothing is said in this definition of how a state in the core actually
is reached. The actual process of economic transactions is not considered explicitly.
To keep the presentation as
simple as possible, we shall consider only the core for exchange economies with an arbitrary number l of
commodities even though the core concept applies to more general situations.
Creation-Date: January 1986
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