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A three way equivalence

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  • Koutsougeras, Leonidas C.
  • Ziros, Nicholas
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    Abstract

    In view of the well known core equivalence results in atomless economies, coincidence of market game equilibrium allocations with competitive allocations is tantamount to a three way equivalence between market game mechanisms, competitive equilibria and the core. Based on this idea we study equilibrium refinements of market games, which allow us to use the core equivalence machinery in order to provide an exact market game characterization of competitive equilibria.

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    File URL: http://www.sciencedirect.com/science/article/B6WJ3-4P7FSMJ-1/1/9bb1e7aadc0414cf7a692d738b4cffb0
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Economic Theory.

    Volume (Year): 139 (2008)
    Issue (Month): 1 (March)
    Pages: 380-391

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    Handle: RePEc:eee:jetheo:v:139:y:2008:i:1:p:380-391

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    Web page: http://www.elsevier.com/locate/inca/622869

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    References

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    1. Koutsougeras, Leonidas C., 2003. "Non-Walrasian equilibria and the law of one price," Journal of Economic Theory, Elsevier, vol. 108(1), pages 169-175, January.
    2. BLOCH, Francis & GHOSAL, Sayantan, 1994. "Stable Trading Structures in Bilateral Oligopolies," CORE Discussion Papers 1994056, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    3. Postlewaite, A & Schmeidler, David, 1978. "Approximate Efficiency of Non-Walrasian Nash Equilibria," Econometrica, Econometric Society, vol. 46(1), pages 127-35, January.
    4. Peck, James & Shell, Karl & Spear, Stephen E., 1992. "The market game: existence and structure of equilibrium," Journal of Mathematical Economics, Elsevier, vol. 21(3), pages 271-299.
    5. 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.
    6. Anderson, Robert M., 1992. "The core in perfectly competitive economies," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 1, chapter 14, pages 413-457 Elsevier.
    7. Qin, Cheng-Zhong & Shapley, Lloyd S & Shimomura, Ken-Ichi, 2004. "The Walras Core of an Economy and Its Limit Theorem," University of California at Santa Barbara, Economics Working Paper Series qt6hp534w3, Department of Economics, UC Santa Barbara.
    8. 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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    Cited by:
    1. Nicholas Ziros, 2008. "The bargaining set in strategic market games," University of Cyprus Working Papers in Economics 8-2008, University of Cyprus Department of Economics.
    2. Dmitry Levando, 2012. "A Survey Of Strategic Market Games," Economic Annals, Faculty of Economics, University of Belgrade, vol. 57(194), pages 63-106, July - Se.
    3. Nicholas Ziros, 2011. "The bargaining set in strategic market games," Journal of Economics, Springer, vol. 102(2), pages 171-179, March.

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