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From Nash to Walras via Shapley-Shubik

  • Dubey, Pradeep
  • Geanakoplos, John

We 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 Shapley-Shubik trading-post game.

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File URL: http://www.sciencedirect.com/science/article/B6VBY-48766RR-1/2/fc3a68a7dcf1c7f901cafd046e296694
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Article provided by Elsevier in its journal Journal of Mathematical Economics.

Volume (Year): 39 (2003)
Issue (Month): 5-6 (July)
Pages: 391-400

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Handle: RePEc:eee:mateco:v:39:y:2003:i:5-6:p:391-400
Contact details of provider: Web page: http://www.elsevier.com/locate/jmateco

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  1. Gerard Debreu, 1961. "New Concepts and Techniques for Equilibrium Analysis," Cowles Foundation Discussion Papers 129, Cowles Foundation for Research in Economics, Yale University.
  2. Mertens, J. F., 2003. "The limit-price mechanism," Journal of Mathematical Economics, Elsevier, vol. 39(5-6), pages 433-528, July.
  3. Postlewaite, A & Schmeidler, David, 1978. "Approximate Efficiency of Non-Walrasian Nash Equilibria," Econometrica, Econometric Society, vol. 46(1), pages 127-35, January.
  4. Florig, Michael, 2001. "Hierarchic competitive equilibria," Journal of Mathematical Economics, Elsevier, vol. 35(4), pages 515-546, July.
  5. Danilov, V. I. & Sotskov, A. I., 1990. "A generalized economic equilibrium," Journal of Mathematical Economics, Elsevier, vol. 19(4), pages 341-356.
  6. 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.
  7. Dubey, Pradeep, 1982. "Price-Quantity Strategic Market Games," Econometrica, Econometric Society, vol. 50(1), pages 111-26, January.
  8. Jaynes, Gerald David & Okuno, Masahiro & Schmeidler, David, 1978. "Efficiency in an Atomless Economy with Fiat Money," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 19(1), pages 149-56, February.
  9. Sorin, Sylvain, 1996. "Strategic Market Games with Exchange Rates," Journal of Economic Theory, Elsevier, vol. 69(2), pages 431-446, May.
  10. Schmeidler, David, 1980. "Walrasian Analysis via Strategic Outcome Functions," Econometrica, Econometric Society, vol. 48(7), pages 1585-93, November.
  11. 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.
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