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Values of Exact Market Games

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  • Omer Edhan

Abstract

We prove that a single-valued solution of perfectly competitive TU economies underling nonatomic exact market games is uniquely determined as the Mertens value by four plausible value-related axioms. Since the Mertens value is always a core element, this result provides an axiomatization of the Mertens value as a core-selection. Previous works in this direction assumed the economies to be either di erentiable (e.g., Dubey and Neyman [9]) or of uniform nite-type (e.g., Haimanko [14]). Our work does not assume that, thus it contributes to the axiomatic study of payo s in perfectly competitive economies (or values of their derived market games) in general. In fact, this is the rst contribution in this direction.

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Bibliographic Info

Paper provided by The Center for the Study of Rationality, Hebrew University, Jerusalem in its series Discussion Paper Series with number dp627.

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Length: 26 pages
Date of creation: Sep 2012
Date of revision:
Handle: RePEc:huj:dispap:dp627

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  1. Hart, Sergiu & Neyman, Abraham, 1988. "Values of non-atomic vector measure games : Are they linear combinations of the measures?," Journal of Mathematical Economics, Elsevier, vol. 17(1), pages 31-40, February.
  2. AUMANN, Robert J., . "Values of markets with a continuum of traders," CORE Discussion Papers RP -228, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. Omer Edhan, 2012. "Continuous Values of Market Games are Conic," Discussion Paper Series dp623, The Center for the Study of Rationality, Hebrew University, Jerusalem.
  4. Donald J. Brown & Abraham Robinson, 1971. "Nonstandard Exchange Economies," Cowles Foundation Discussion Papers 308, Cowles Foundation for Research in Economics, Yale University.
  5. Dubey, Pradeep & Neyman, Abraham, 1997. "An Equivalence Principle for Perfectly Competitive Economies," Journal of Economic Theory, Elsevier, vol. 75(2), pages 314-344, August.
  6. Hart, Sergiu, 1977. "Values of non-differentiable markets with a continuum of traders," Journal of Mathematical Economics, Elsevier, vol. 4(2), pages 103-116, August.
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Cited by:
  1. Omer Edhan, 2012. "Payoffs in Nondifferentiable Perfectly Competitive TU Economies," Discussion Paper Series dp629, The Center for the Study of Rationality, Hebrew University, Jerusalem.

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