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Title: Vertical syndication-proof competitive prices in multilateral assignment markets
Author: Tejada, Oriol
Álvarez-Mozos, Mikel
Keywords: Mercat de treball
Fallides bancàries
Labor market
Cooperative societies
Bank failures
Issue Date: Dec-2016
Publisher: Springer Verlag
Abstract: We consider a market comprising a number of perfectly complementary and homogeneous commodities. We concentrate on the incentives for firms producing these commodities to merge and form a vertical syndicate. The main result establishes that the nucleolus of the associated market game corresponds to the unique vector of prices with the following properties: (i) they are vertical syndication-proof, (ii) they are competitive, (iii) they yield the average of the buyers- and the sellers-optimal allocations in bilateral markets, and (iv) they depend on the traders' bargaining power but not on their identity. The proof uses an isomorphism between our class of market games and the entire class of bankruptcy games.
Note: Versió postprint del document publicat a:
It is part of: Review of Economic Design, 2016, vol. 20, num. 4, p. 289-327
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ISSN: 1434-4742
Appears in Collections:Articles publicats en revistes (Matemàtica Econòmica, Financera i Actuarial)

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