This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

Marshallian Money, Welfare, and Side-Payments

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
Chen-Zhong Qin (Dept. of Economics, University of California, Santa Barbara)
Lloyd S. Shapley (Dept. of Economics, University of California, Los Angeles)
Martin Shubik () (Cowles Foundation, Yale University)
Abstract

A link between a no-side-payment (NSP) market game and a side-payment (SP) market game can be established by introducing a sufficient amount of an ideal utility-money of constant marginal utility to all agents. At some point when there is "enough money" in the system, if it is "well distributed" the new game will be a SP game. This game can also be related to a pure NSP game where a set of default parameters have been introduced. These parameters play a role similar to the parameters specifying the interpersonal comparisons in the side-payment game. We study this game for the properties of the delta-core and consider both the conditions for the uniqueness of competitive equilibria and a new approach to the second welfare theorem. A discussion of the relationship between market games and strategic market games is also noted.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://cowles.econ.yale.edu/P/cd/d17a/d1729.pdf
File Format: application/pdf
File Function:
Download Restriction: no

Publisher Info
Paper provided by Cowles Foundation, Yale University in its series Cowles Foundation Discussion Papers with number 1729.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 26 pages
Date of creation: Sep 2009
Date of revision:
Handle: RePEc:cwl:cwldpp:1729

Contact details of provider:
Postal: Yale University, Box 208281, New Haven, CT 06520-8281 USA
Phone: (203) 432-3702
Fax: (203) 432-6167
Web page: http://cowles.econ.yale.edu/
More information through EDIRC

Order Information:
Postal: Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA

For technical questions regarding this item, or to correct its listing, contact: (Glena Ames).

Related research
Keywords: delta-core; enough money; market games;

Other versions of this item:

Find related papers by JEL classification:
C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates

This paper has been announced in the following NEP Reports:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Shapley, Lloyd S & Shubik, Martin, 1977. "An Example of a Trading Economy with Three Competitive Equilibria," Journal of Political Economy, University of Chicago Press, vol. 85(4), pages 873-75, August. [Downloadable!] (restricted)
  2. Shapley, Lloyd S. & Shubik, Martin, 1969. "On market games," Journal of Economic Theory, Elsevier, vol. 1(1), pages 9-25, June. [Downloadable!] (restricted)
  3. Shubik, Martin, 1971. "Pecuniary Externalities: A Game Theoretic Analysis," American Economic Review, American Economic Association, vol. 61(4), pages 713-18, September. [Downloadable!] (restricted)
    Other versions:
  4. Qin, Cheng-Zhong & Shapley, Lloyd S. & Shimomura, Ken-Ichi, 2006. "The Walras core of an economy and its limit theorem," Journal of Mathematical Economics, Elsevier, vol. 42(2), pages 180-197, April. [Downloadable!] (restricted)
  5. Per Bak & Simon F. Norrelykke & Martin Shubik, 1998. "The Dynamics of Money," Quantitative Finance Papers cond-mat/9811094, arXiv.org, revised May 1999. [Downloadable!]
  6. Marshall, Alfred, 1890. "The Principles of Economics," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number marshall1890. [Downloadable!]
    Other versions:
  7. Herbert E. Scarf, 1970. "On the Existence of a Cooperative Solution for a General Class of N-Person Games," Cowles Foundation Discussion Papers 293, Cowles Foundation, Yale University. [Downloadable!]
    Other versions:
Full references

Statistics
Access and download statistics

Did you know? You can create a compilation of all publications of a group of people, say alumni of a program, your students or memers of an association.

This page was last updated on 2009-12-1.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.