Journal article
Continuity properties of the private core
Economic theory, Vol.29(2), pp.453-464
10/01/2006
DOI: 10.1007/s00199-005-0001-6
Abstract
Let (epsilon(k))(k is an element of N) be a sequence of differential information economies, converging to a limit differential information economy epsilon(infinity) (written as epsilon(k) double right arrow epsilon(infinity)). Denote by C-epsilon(epsilon(k)) the set of all epsilon-private core allocations, C (for epsilon = 0 we get the private core of Yannelis (1991), denoted by C (epsilon(k))). Under appropriate conditions, we prove the following stability results:
(1) (upper semicontinuity): if epsilon(k) double right arrow epsilon(infinity), f(k) is an element of C(epsilon(k)), and if f(k) -> f infinity L-1-weakly, then f(infinity) is an element of C(epsilon(infinity)).
(2) (lower semicontinuity): if epsilon(k) double right arrow epsilon(infinity), f(infinity) is an element of C(epsilon(infinity)), epsilon > 0, then there exist f(k) is an element of C-epsilon (epsilon(k)), with f(k) -> with f(infinity) L-1-weakly.
Details
- Title: Subtitle
- Continuity properties of the private core
- Creators
- Erik J. Balder - University of UtrechtNicholas C. Yannelis - University of Illinois Urbana-Champaign
- Resource Type
- Journal article
- Publication Details
- Economic theory, Vol.29(2), pp.453-464
- Publisher
- Springer Nature
- DOI
- 10.1007/s00199-005-0001-6
- ISSN
- 0938-2259
- eISSN
- 1432-0479
- Number of pages
- 12
- Language
- English
- Date published
- 10/01/2006
- Academic Unit
- Economics
- Record Identifier
- 9984380560002771
Metrics
5 Record Views