Nash-Walras equilibria of a large economy
AbstractIndividuals exchange contracts for the deliveryof commodities in competitive markets and, simultaneously, act strategically; actions affect utilities across individuals directlyor through the payoffs of contracts. This encompasses economies with asymmetric information. Nash-Walras equilibria exist for large economies, even if utilityfunctions are not quasi - concave and choice sets are not convex, which is the case in standard settings; the separation of the purchase from the sale of contracts and the pooling of the deliveries on contracts guarantee that the markets for commodities clear.
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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 1999043.
Date of creation: 01 Jun 1999
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Nash; Walras; equilibrium; asymmetric information;
Find related papers by JEL classification:
- D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
- D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
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