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The bargaining set in strategic market games

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  • Nicholas Ziros
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    Abstract

    We present the bargaining set of an economy, where trades among groups of individuals are conducted via the Shapley-Shubik mechanism. Then we prove that in atomless economies the allocations resulting from this equilibrium notion are competitive.

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    File URL: http://papers.econ.ucy.ac.cy/RePEc/papers/08-08.pdf
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    Bibliographic Info

    Paper provided by University of Cyprus Department of Economics in its series University of Cyprus Working Papers in Economics with number 8-2008.

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    Length: 8 pages
    Date of creation: Nov 2008
    Date of revision:
    Handle: RePEc:ucy:cypeua:8-2008

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    Web page: http://www.econ.ucy.ac.cy

    Related research

    Keywords: Strategic market games; Bargaining set; Competition;

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    1. Mas-Colell, Andreu, 1989. "An equivalence theorem for a bargaining set," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 129-139, April.
    2. Koutsougeras, Leonidas C. & Ziros, Nicholas, 2008. "A three way equivalence," Journal of Economic Theory, Elsevier, vol. 139(1), pages 380-391, March.
    3. 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.
    4. Postlewaite, A & Schmeidler, David, 1978. "Approximate Efficiency of Non-Walrasian Nash Equilibria," Econometrica, Econometric Society, vol. 46(1), pages 127-35, January.
    5. Peck, James & Shell, Karl & Spear, Stephen E., 1992. "The market game: existence and structure of equilibrium," Journal of Mathematical Economics, Elsevier, vol. 21(3), pages 271-299.
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