Jingang Zhao

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This note provides two necessary and sufficient conditions for the relative interior of the core (and the base polyhedron) to be non-empty: (i) the second largest excess of the prenucleolus is negative; (ii) the grand coalition's payoff is greater than the m inimum no-blocking payoff. Such conditions imply an intuitive method in proving core existence, they(More)
Note: Cowles Foundation Discussion Papers are preliminary materials circulated to stimulate discussion and critical comment. Requests for single copies of a Paper will be filled by the Cowles Foundation within the limits of the supply. References in publications to Discussion Papers (other than mere acknowledgment by a writer that he has access to such(More)
This paper extends Farrell and Shapiro (1990) and Levin (1990) by providing necessary and sufficient conditions for horizontal mergers to be both profitable and welfare-enhancing when market demand and firms' costs are linear. We show that profitable, welfare-enhancing mergers are likely to involve firms whose combined pre-merger market shares exceed 50%,(More)
This paper extends Farrell and Shapiro (1990) and Levin (1990) by providing necessary and sufficient conditions for horizontal mergers to be both profitable and welfare-enhancing when market demand and firms' costs are linear. We show that profitable, welfare-enhancing mergers are likely to involve firms whose combined pre-merger market shares exceed 50%,(More)
More economists are interested in analyzing situations in which cooperative behavior within a coalition coexists with strategic behavior across the coalitions. The underlying equilibrium is defined as the hybrid solution with a distribution rule (HSDR), which could contribute to these studies to the same extent that Nash equilibrium does to strategic(More)