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Manipulation of the Walrasian mechanism in production economies with unbounded short-selling

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  • Laurence Kranich

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    Abstract

    Hurwicz (1979) and Otani and Sicilian (1982, 1990) characterized the Nash equilibrium allocations of the Walrasian demand manipulation game in successively more general exchange environments. In this paper, I extend the analysis to production economies with short-selling. First, I generalize Hurwicz’s and Otani and Sicilian’s theorem that any allocation at which each agent’s consumption bundle lies above her true offer curve can be supported in Nash equilibrium. I then show that for finite economies of any size the set of such allocations is often topologically large. Copyright Springer-Verlag Berlin/Heidelberg 2005

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    File URL: http://hdl.handle.net/10.1007/s10058-005-0123-0
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    Bibliographic Info

    Article provided by Springer in its journal Review of Economic Design.

    Volume (Year): 9 (2005)
    Issue (Month): 2 (04)
    Pages: 109-125

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    Handle: RePEc:spr:reecde:v:9:y:2005:i:2:p:109-125

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    Related research

    Keywords: Manipulation; Walrasian Mechanism; Production; Short-Selling;

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