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Walrasian analysis via two-player games

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  • Hervés-Beloso, Carlos
  • Moreno-García, Emma

Abstract

We 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 Info

Article provided by Elsevier in its journal Games and Economic Behavior.

Volume (Year): 65 (2009)
Issue (Month): 1 (January)
Pages: 220-233

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Handle: RePEc:eee:gamebe:v:65:y:2009:i:1:p:220-233

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Web page: http://www.elsevier.com/locate/inca/622836

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Keywords: Walrasian equilibrium Nash equilibrium Aubin core;

References

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  1. Edgeworth, Francis Ysidro, 1881. "Mathematical Psychics," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number edgeworth1881.
  2. Trockel, Walter, 1976. "A limit theorem on the core," Journal of Mathematical Economics, Elsevier, vol. 3(3), pages 247-264, December.
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  5. Kaneko, Mamoru & Wooders, Myrna Holtz, 1989. "The core of a continuum economy with widespread externalities and finite coalitions: From finite to continuum economies," Journal of Economic Theory, Elsevier, vol. 49(1), pages 135-168, October.
  6. Hammond, Peter J. & Kaneko, Mamoru & Wooders, Myrna Holtz, 1989. "Continuum economies with finite coalitions: Core, equilibria, and widespread externalities," Journal of Economic Theory, Elsevier, vol. 49(1), pages 113-134, October.
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  10. Anderson, Robert M, 1981. "Core Theory with Strongly Convex Preferences," Econometrica, Econometric Society, vol. 49(6), pages 1457-68, November.
  11. Schmeidler, David, 1980. "Walrasian Analysis via Strategic Outcome Functions," Econometrica, Econometric Society, vol. 48(7), pages 1585-93, November.
  12. Shapley, Lloyd S & Shubik, Martin, 1977. "Trade Using One Commodity as a Means of Payment," Journal of Political Economy, University of Chicago Press, vol. 85(5), pages 937-68, October.
  13. Bewley, Truman F, 1973. "Edgeworth's Conjecture," Econometrica, Econometric Society, vol. 41(3), pages 425-54, May.
  14. Hurwicz, L, 1979. "Outcome Functions Yielding Walrasian and Lindahl Allocations at Nash Equilibrium Points," Review of Economic Studies, Wiley Blackwell, vol. 46(2), pages 217-25, April.
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  16. Vind, Karl, 1972. "A Third Remark on the Core of an Atomless Economy," Econometrica, Econometric Society, vol. 40(3), pages 585-86, May.
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  18. Dubey, Pradeep, 1982. "Price-Quantity Strategic Market Games," Econometrica, Econometric Society, vol. 50(1), pages 111-26, January.
  19. Herves-Beloso, Carlos & Moreno-Garcia, Emma & Yannelis, Nicholas C., 2005. "An equivalence theorem for a differential information economy," Journal of Mathematical Economics, Elsevier, vol. 41(7), pages 844-856, November.
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  21. Carlos Hervés-Beloso & Emma Moreno-García & Nicholas Yannelis, 2005. "Characterization and incentive compatibility of Walrasian expectations equilibrium in infinite dimensional commodity spaces," Economic Theory, Springer, vol. 26(2), pages 361-381, 08.
  22. Anderson, Robert M, 1978. "An Elementary Core Equivalence Theorem," Econometrica, Econometric Society, vol. 46(6), pages 1483-87, November.
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Citations

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Cited by:
  1. Jaime Luque, 2011. "Heterogeneous Tiebout communities with private production and anonymous crowding," Economics Working Papers we1028, Universidad Carlos III, Departamento de Economía.
  2. Maria Gabriella Graziano & Maria Romaniello, 2010. "Linear Cost Share Equilibria and the Veto Power of the Grand Coalition," CSEF Working Papers 248, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
  3. Achille Basile & Maria Gabriella Graziano, 2012. "Core Equivalences for Equilibria Supported by Non-linear Prices," CSEF Working Papers 309, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.

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