Competitive Outcomes, Endogenous Firm Formation and the Aspiration Core
نویسندگان
چکیده
The paper shows that the aspiration core of any TU-game coincides with the set of competitive wages of two different types of production economy. If agents can divide their time among various coalitions, the set of firms that are active in the market is endogenously determined in equilibrium and it coincides with the generating collection of the corresponding aspiration core allocation. Assuming indivisible time we also achieve similar results by introducing a market for contingent labor/employment lotteries.
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