From Nash to Walras via Shapley-Shubik
AbstractWe 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 ShapleyŠShubik trading-post game.
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Bibliographic InfoPaper provided by Stony Brook University, Department of Economics in its series Department of Economics Working Papers with number 02-01.
Length: 11 pages
Date of creation: 2002
Date of revision:
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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- Shapley, Lloyd S & Shubik, Martin, 1977. "Trade Using One Commodity as a Means of Payment," Journal of Political Economy, University of Chicago Press, vol. 85(5), pages 937-68, October.
- Gerard Debreu, 1961. "New Concepts and Techniques for Equilibrium Analysis," Cowles Foundation Discussion Papers 129, Cowles Foundation for Research in Economics, Yale University.
- Rabah Amir & Siddhartha Sahi & Martin Shubik, 1986.
"A Strategic Market Game with Complete Markets,"
Cowles Foundation Discussion Papers
814R, Cowles Foundation for Research in Economics, Yale University, revised Sep 1987.
- Postlewaite, A & Schmeidler, David, 1978. "Approximate Efficiency of Non-Walrasian Nash Equilibria," Econometrica, Econometric Society, vol. 46(1), pages 127-35, January.
- Hens, Thorsten & Reimann, Stefan & Vogt, Bodo, 2004. "Nash competitive equilibria and two-period fund separation," Journal of Mathematical Economics, Elsevier, vol. 40(3-4), pages 321-346, June.
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