In discrete exchange economies with possibly redundant and joint ownership, we propose new core notions in the conventional flavor by regarding endowments as rights to consume or trade with others. Our key idea is to identify self-enforcing coalitions and to redistribute their redundant property...

This paper investigates the impact of volatility in profitability shock and capital adjustment cost on aggregate total factor productivity (TFP) in Chinese industries firms. To quantify the effects of volatility and adjustment costs on aggregate TFP, we recover key structural parameters in a...