Abstract
The core of an economy consists of those states of the economy which no group of agents can ‘improve upon’. The core is a rather theoretical fundamental equilibrium concept. Indeed, the core provides a theoretical foundation of a more operational equilibrium concept, namely, the competitive equilibrium, which is a very different notion of equilibrium.
This chapter was originally published in The New Palgrave Dictionary of Economics, 2nd edition, 2008. Edited by Steven N. Durlauf and Lawrence E. Blume
Bibliography
There is an extensive literature on limit theorems on the core which contains important generalizations of the results given here. For a general reference we refer to Hildenbrand (1974) or (1982), Mas-Colell (1985), Anderson (1981) and the references given there.
Anderson, R.M. 1978. An elementary core equivalence theorem. Econometrica 46: 1483–1487.
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Grodal, B. 1975. The rate of convergence of the core for a purely competitive sequence of economies. Journal of Mathematical Economics 2: 171–186.
Hildenbrand, W. 1974. Core and equilibria of a large economy. Princeton: Princeton University Press.
Hildenbrand, W. 1982. Core of an economy. In Handbook of mathematical economics, ed. K.J. Arrow and M.D. Intriligator, vol. 2. Amsterdam: North-Holland.
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Mas-Colell, A. 1985. The theory of general economic equilibrium, a differentiable approach. Cambridge: Cambridge University Press.
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Hildenbrand, W. (2008). Cores. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_189-2
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DOI: https://doi.org/10.1057/978-1-349-95121-5_189-2
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