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Manipulation of the Walrasian mechanism in production economies with unbounded short-selling

  • Laurence Kranich

    ()

Hurwicz (1979) and Otani and Sicilian (1982, 1990) characterized the Nash equilibrium allocations of the Walrasian demand manipulation game in successively more general exchange environments. In this paper, I extend the analysis to production economies with short-selling. First, I generalize Hurwicz’s and Otani and Sicilian’s theorem that any allocation at which each agent’s consumption bundle lies above her true offer curve can be supported in Nash equilibrium. I then show that for finite economies of any size the set of such allocations is often topologically large. Copyright Springer-Verlag Berlin/Heidelberg 2005

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File URL: http://hdl.handle.net/10.1007/s10058-005-0123-0
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Article provided by Springer & Society for Economic Design in its journal Review of Economic Design.

Volume (Year): 9 (2005)
Issue (Month): 2 (04)
Pages: 109-125

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Handle: RePEc:spr:reecde:v:9:y:2005:i:2:p:109-125
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