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Discussion Paper

Approximate Cores of a General Class of Economies. Part I: Replica Games, Externalities, and Approximate Cores

Sufficient conditions are demonstrated for the non-emptiness of asymptotic cores of sequences of replica games, i.e., for all sufficiently large replications, the games have non-empty approximate cores and the approximation can be made arbitrarily “good”. The conditions are simply that the games are superadditive and satisfy a very non-restrictive “per-capita” boundedness assumption (these properties are satisfied by games derived from well-known models of replica economies).