Munich Personal RePEc Archive

Equilibrium Concepts in the Large Household Model

Zhu, Tao (2007): Equilibrium Concepts in the Large Household Model.

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Abstract

This paper formulates equilibrium concepts in the large (non atomic) household model under the team interpretation, characterizes a class of equilibrium allocations, explores whether an equilibrium allocation in the large-household model has a foundation in the finite-household model, and establishes the existence of equilibrium allocations generated by generalized Nash bargaining.

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