Walrasian analysis via two-player games
AbstractWe associate to any pure exchange economy a game with only two players, regardless of the number of consumers. In this two-player game, each player represents a different role of the society, formed by all the individuals in the economy. Player 1 selects feasible allocations trying to make Pareto improvements. Player 2 chooses an alternative from the wider range of allocations that are feasible in the sense of Aubin. The set of Nash equilibria of our game is non-empty and our main result provides a characterization of Walrasian equilibria allocations as strong Nash equilibria of the associated society game.
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Bibliographic InfoArticle provided by Elsevier in its journal Games and Economic Behavior.
Volume (Year): 65 (2009)
Issue (Month): 1 (January)
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Web page: http://www.elsevier.com/locate/inca/622836
Walrasian equilibrium Nash equilibrium Aubin core;
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