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
This is a preview of subscription content, log in via an institution to check access.
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.
Anderson, R.M. 1981. Core theory with strongly convex preferences. Econometrica 49: 1457–1468.
Aumann, R.J. 1964. Markets with a continuum of traders. Econometrica 32: 39–50.
Bewley, T.F. 1973. Edgeworth’s conjecture. Econometrica 41: 425–454.
Debreu, G. 1975. The rate of convergence of the core of an economy. Journal of Mathematical Economics 2: 1–8.
Debreu, G., and H. Scarf. 1963. A limit theorem on the core of an economy. International Economic Review 4: 235–246.
Edgeworth, F.Y. 1881. Mathematical psychics. London: Kegan Paul.
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.
Hildenbrand, W., and A.P. Kirman. 1976. Introduction to equilibrium analysis. Amsterdam: North-Holland.
Mas-Colell, A. 1985. The theory of general economic equilibrium, a differentiable approach. Cambridge: Cambridge University Press.
Vind, K. 1965. A theorem on the core of an economy. Review of Economic Studies 32: 47–48.
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Copyright information
© 2008 The Author(s)
About this entry
Cite this entry
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
Download citation
DOI: https://doi.org/10.1057/978-1-349-95121-5_189-2
Received:
Accepted:
Published:
Publisher Name: Palgrave Macmillan, London
Online ISBN: 978-1-349-95121-5
eBook Packages: Springer Reference Economics and FinanceReference Module Humanities and Social SciencesReference Module Business, Economics and Social Sciences