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Competition and Cooperation

Numerous applications of economics are based on models that assume individual economic actors take prices as given. Indeed, this assumption underlies many empirical studies. The question of whether such an assumption can be justified as arising in the context of individual and group optimizing behavior has been the subject of extensive investigation.One answer to the question originates with the work of Edgeworth (1881), which argues that groups individuals cannot improve upon their part of a price-taking economic equilibrium by cooperation, that is, the set of outcomes that are stable against collective activities of groups – the core-- is equivalent to ...
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