Values of Exact Market Games
AbstractWe 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 ) or of uniform nite-type (e.g., Haimanko ). 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 InfoPaper provided by The Center for the Study of Rationality, Hebrew University, Jerusalem in its series Discussion Paper Series with number dp627.
Length: 26 pages
Date of creation: Sep 2012
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-09-16 (All new papers)
- NEP-GTH-2012-09-16 (Game Theory)
- NEP-HPE-2012-09-16 (History & Philosophy of Economics)
- NEP-MIC-2012-09-16 (Microeconomics)
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- 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.
- Dubey, Pradeep & Neyman, Abraham, 1997. "An Equivalence Principle for Perfectly Competitive Economies," Journal of Economic Theory, Elsevier, vol. 75(2), pages 314-344, August.
- 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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