Abstract
The core of an economy consists of those states of the economy which no group of agents can ‘improve upon’. The core is a rather theoretical fundamental equilibrium concept. Indeed, the core provides a theoretical foundation of a more operational equilibrium concept, namely, the competitive equilibrium, which is a very different notion of equilibrium.
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Bibliography
There is an extensive literature on limit theorems on the core which contains important generalizations of the results given here. For a general reference we refer to Hildenbrand (1974) or (1982), Mas-Colell (1985), Anderson (1981) and the references given there.
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Hildenbrand, W. (2018). Cores. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_189
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DOI: https://doi.org/10.1057/978-1-349-95189-5_189
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