IT TAKES t* TO TANGO: TRADING COALITIONS IN THE EDGEWORTH PROCESS
نویسنده
چکیده
In the Edgeworth non-tatonnement process, trade occurs if there exists some coalition of agents able to make a Paretoimproving trade among themselves at current prices. It is known that the size of such coalitions is bounded by the number of commodities and that, provided all agents always have strictly positive endowments, bilateral trade suffices. These results are generalized: Let there be h agents, k of whom have strictly positive endowments. Let there be m commodities, n of which are held by all agents. Then the Edgeworth-process requires coalitions with at most t* = Min {2, Max (h k, m n) } members. This is a least upper bound. JEL No. 021
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