Consider a solution (an allocation rule) for an economy which satisfies the following criteria: (1) Pareto efficiency, (2) monotonicity, in the sense that if the set of attainable allocations of the economy becomes larger then the solution makes no consumer worse-off, (3) a weak and primitive...

We analyze a model of coalitional bidding in which coalitions form endogenously and compete with each other. Since the nature of this competition influences the way in which agents organize themselves into coalitions, our main aim is to characterize the equilibrium coalition structure and the...

We provide elementary proofs of Scarf's theorem on the non-emptiness of the core and of the K-K-M-S theorem, based.on Kakutani's fixed point theorem. We also show how these proofs can be modified to apply a coincidence theorem of Fan instead of Kakutani's fixed point theorem, for some additional...

We provide characterization and stability results for the stationary equilibria of a competitive infinite-horizon model that incorporates the nutritional requirements of physical labor. We find that for many aggregate land stocks, there is a large continuum of stationary equilibrium unemployment...