The impact of information technology (IT) on the stability of market equilibrium is explained from a simple microeconomic standpoint. Attributes of a dynamically stable “virtual” market equilibrium are described assuming consumer rationality, an elastic supply curve, and minimum static...

This paper studies an exchange economy with a finite number of agents in which each agent is initially endowed with a finite number of (personalized) indivisible commodities. We observe that the core equivalence theorem may not hold for this economy when the coalitional form game is generated in...