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Surplus-Sharing Local Games in Dynamic Exchange Processes

In: Public goods, environmental externalities and fiscal competition

Author

Listed:
  • Henry Tulkens
  • Shmuel Zamir

    (Hebrew University)

Abstract

A well-known property of so-called “MDP processes”1 is monotonicity in terms of the utilities of the agents, due to the sharing among the latter of a “surplus” of numeraire generated at each point of their trajectories. In this paper, we focus our attention on the somewhat neglected question of how this sharing takes place, and we propose to use game-theoretic concepts and methods for answering it. A byproduct of this enquiry is the formulation of a “nontâtonnement” process that seems to be of independent interest.

Suggested Citation

  • Henry Tulkens & Shmuel Zamir, 2006. "Surplus-Sharing Local Games in Dynamic Exchange Processes," Springer Books, in: Parkash Chander & Jacques Drèze & C. Knox Lovell & Jack Mintz (ed.), Public goods, environmental externalities and fiscal competition, chapter 0, pages 49-62, Springer.
    • Handle: RePEc:spr:sprchp:978-0-387-25534-7_3
    DOI: 10.1007/978-0-387-25534-7_3
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    Cited by:

    1. Kwan Koo Yun, 2004. "Efficient Pareto-improving Processes," Econometric Society 2004 Far Eastern Meetings 784, Econometric Society.

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