Aumann-Shapley prices as a Scarf social equilibrium
type: Item
instance of: scholarly article
title: Aumann-Shapley prices as a Scarf social equilibrium
zbMATH Open document ID: 0551.90008
DOI: 10.1016/0022-0531(84)90151-0
author: Joseph Greenberg
author: Benyamin Shitovitz
published in: Journal of Economic Theory
publication date: 1984-01-01T00:00:00Z
review text: Considered are economies with a single output (a single consumption good) which is produced from \(\ell\) inputs by means of an increasing returns to scale production function f. We show that for quasi-concave and homogeneous functions f of degree \(r\geq 1\), the Aumann-Shapley prices constitute a simple Scarf Social Equilibrium. Put differently, Shapley value of the associated atomless game is in the core of that game. Such is not the situation, however, in the more general case when f exhibits increasing returns to scale (but is not homogeneous).
Mathematics Subject Classification ID: 91B50
Mathematics Subject Classification ID: 91A40
Mathematics Subject Classification ID: 91A07
zbMATH DE Number: 3878624
zbMATH Keywords: single output
zbMATH Keywords: increasing returns to scale
zbMATH Keywords: Aumann-Shapley prices
zbMATH Keywords: Scarf Social Equilibrium
zbMATH Keywords: associated atomless game
zbMATH Keywords: core
MaRDI profile type: Publication
full work available at URL: 0022-0531(84)90151-0
OpenAlex ID: W1973466734
cites work: Core and value for a public-goods economy: An example
cites work: Demand Compatible Equitable Cost Sharing Prices
description: scientific article; zbMATH DE number 3878624