AbstractAt a Nash - Walras equilibrium, individuals exchange commodities competitively, and, simultaneously, they interact strategically. Under standard assumptions, NashWalras equilibria exist, equilibrium profiles of actions are, typically, determinate but Pareto suboptimal, though not constrained Pareto suboptimal: a transfer of revenue need not suffice for a Pareto improvement in welfare.
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Bibliographic InfoPaper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 1995080.
Date of creation: 01 Dec 1995
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Nash; Walras; equilibrium; determinacy; optimality;
Other versions of this item:
- D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General
- D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
- D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
- D60 - Microeconomics - - Welfare Economics - - - General
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- MINELLI, Enrico & POLEMARCHAKIS, Heracles, 1999. "Nash-Walras equilibria of a large economy," CORE Discussion Papers 1999043, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Deb, Rahul, 2009. "A testable model of consumption with externalities," Journal of Economic Theory, Elsevier, vol. 144(4), pages 1804-1816, July.
- Deb, Rahul, 2008. "Interdependent Preferences, Potential Games and Household Consumption," MPRA Paper 6818, University Library of Munich, Germany.
- Andrés Carvajal, 2004.
"Testable Restrictions of General Equilibrium Theory in Exchange Economies with Externalities,"
Royal Holloway, University of London: Discussion Papers in Economics
04/28, Department of Economics, Royal Holloway University of London, revised Nov 2004.
- Andrés Carvajal, . "Testable Restrictions of General Equilibrium Theory in Exchange Economies with Externalities," Borradores de Economia 231, Banco de la Republica de Colombia.
- Andrés Carvajal, 2003. "Testable Restrictions og General Equilibrium Theory in Exchange Economies with Externalities," BORRADORES DE ECONOMIA 003556, BANCO DE LA REPÚBLICA.
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