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From Nash to Walras via Shapley-Shubik

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Author Info
Pradeep Dubey (NYU, Stony Brook)
John Geanakoplos () (Cowles Foundation)
Abstract

We derive the existence of a Walras equilibrium directly from Nash's theorem on noncooperative games. No price player is involved, nor are generalized games. Instead we use a variant of the Shapley-Shubik trading-post game.

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File URL: http://cowles.econ.yale.edu/P/cd/d13b/d1360.pdf
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Publisher Info
Paper provided by Cowles Foundation, Yale University in its series Cowles Foundation Discussion Papers with number 1360.

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Length: 11 pages
Date of creation: Apr 2002
Date of revision:
Publication status: Published in Journal of Mathematical Economics (2003), 39: 391-400
Handle: RePEc:cwl:cwldpp:1360

Note: CFP 1065.
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Postal: Yale University, Box 208281, New Haven, CT 06520-8281 USA
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Web page: http://cowles.econ.yale.edu/
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Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

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Related research
Keywords: Nash equilibrium; Walras equilibrium; Shapley-Shubik trading-posts game; Money;

Find related papers by JEL classification:
C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
D40 - Microeconomics - - Market Structure and Pricing - - - General
D41 - Microeconomics - - Market Structure and Pricing - - - Perfect Competition

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This page was last updated on 2009-12-22.


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