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Marshallian Money, Welfare, and Side-Payments

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  • 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.

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Bibliographic Info

Paper provided by Cowles Foundation for Research in Economics, Yale University in its series Cowles Foundation Discussion Papers with number 1729.

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Length: 26 pages
Date of creation: Sep 2009
Date of revision:
Handle: RePEc:cwl:cwldpp:1729

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

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  1. Martin Shubik, 1970. "Pecuniary Externalities: A Game Theoretic Analysis," Cowles Foundation Discussion Papers 288, Cowles Foundation for Research in Economics, Yale University.
  2. Martin Shubik, 2000. "The Theory of Money," Working Papers 00-03-021, Santa Fe Institute.
  3. Marshall, Alfred, 1890. "The Principles of Economics," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number marshall1890.
  4. Cheng-Zhong Qin & Martin Shubik, 2005. "A Credit Mechanism for Selecting a Unique Competitive Equilibrium," Cowles Foundation Discussion Papers 1539, Cowles Foundation for Research in Economics, Yale University, revised Nov 2006.
  5. Scarf, Herbert E., 1971. "On the existence of a coopertive solution for a general class of N-person games," Journal of Economic Theory, Elsevier, vol. 3(2), pages 169-181, June.
  6. 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.
  7. 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.
  8. Per Bak & Simon F. Norrelykke & Martin Shubik, 1998. "The Dynamics of Money," Papers cond-mat/9811094, arXiv.org, revised May 1999.
  9. Martin Shubik, 2003. "The Edgeworth, Cournot and Walrasian Cores of an Economy," Cowles Foundation Discussion Papers 1439, Cowles Foundation for Research in Economics, Yale University.
  10. Shapley, Lloyd S. & Shubik, Martin, 1969. "On market games," Journal of Economic Theory, Elsevier, vol. 1(1), pages 9-25, June.
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