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Sequential Bargaining as a Noncooperative Foundation for Walrasian Equilibrium

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McLennan, Andrew
Sonnenschein, Hugo

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Abstract

An allocation for an exchange economy with smooth preferences is shown to be Walrasian if there is a set of net trades that is closed under addition, contains the negations of net trades that would improve any agent's final bundle, and is such that each agent's final bundle is weakly preferred to the sum of the initial endowment and any allowed net trade. These conditions characterize the sets of net trades available in equilibria of market games in which randomly paired agents bargain repeatedly and imply that steady state equilibria are Walrasian. Copyright 1991 by The Econometric Society.

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Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 59 (1991)
Issue (Month): 5 (September)
Pages: 1395-1424
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Handle: RePEc:ecm:emetrp:v:59:y:1991:i:5:p:1395-1424

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  1. Sayantan Ghosal & Massimo Morelli, 2002. "Retrading in Market Games," Economics Working Papers 0012, Institute for Advanced Study, School of Social Science. [Downloadable!]
    Other versions:
  2. Matthew O. Jackson & Thomas R. Palfrey, 1997. "Efficiency and Voluntary Implementation in Markets with Repeated Pairwise Bargaining," Game Theory and Information 9711003, EconWPA. [Downloadable!]
    Other versions:
  3. Darrell Duffie & Yeneng Sun, 2004. "The Exact Law of Large Numbers for Independent Random Matching," Levine's Bibliography 122247000000000328, UCLA Department of Economics. [Downloadable!]
  4. Karavaev, Andrei, 2008. "A Theory of Continuum Economies with Idiosyncratic Shocks and Random Matchings," MPRA Paper 7445, University Library of Munich, Germany. [Downloadable!]
  5. Carlos Alós-Ferrer, 1998. "- Dynamical Systems With A Continuum Of Randomly Matched Agents," Working Papers. Serie AD 1998-08, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
    Other versions:
  6. Takashi Kunimoto & Roberto Serrano, 2002. "Bargaining and Competition Revisited," Working Papers 2002-14, Brown University, Department of Economics. [Downloadable!]
    Other versions:
  7. Edward J. Green, 1991. "Eliciting traders' knowledge in "frictionless" asset market," Staff Report 144, Federal Reserve Bank of Minneapolis. [Downloadable!]
  8. Darrell Duffie & Nicolae Garleanu & Lasse Heje Pedersen, 2004. "Over-the-Counter Markets," NBER Working Papers 10816, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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    • Darrell Duffie & Nicolae Garleanu & Lasse Heje Pedersen, 2005. "Over-the-Counter Markets," Econometrica, Econometric Society, vol. 73(6), pages 1815-1847, November. [Downloadable!] (restricted)
  9. Douglas Gale & Hamid Sabourian, 2003. "Complexity and Competition, Part I: Sequential Matching," Levine's Bibliography 666156000000000199, UCLA Department of Economics. [Downloadable!]
    Other versions:
  10. Joseph M. Ostroy, 1995. "Arbitrage of the Flattening Effect of Large Numbers," UCLA Economics Working Papers 737, UCLA Department of Economics. [Downloadable!]
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