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Consistent collusion-proofness and correlation in exchange economies

  • GIRAUD, Gaël
  • ROCHON, Céline

We present a feasible strategic market mechanism with finitely many agents whose Nash, semi-strong Nash and coalition-proof Nash equilibria fully implement the Walrasian equilibria. We define a strategic equilibrium concept, called correlated semi-strong equilibrium, and show that the Walrasian equilibria can be implemented by the these equilibria, and also by the coalition-proof correlated equilibria of our mechanism. We show that these two concepts, suitably modified with transfers, fully implement the Pareto optimal allocations. We extend to semi-strong correlated equilibria Aumann's Bayesian interpretation of correlated equilibria.

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Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 2001018.

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Date of creation: 00 Apr 2001
Date of revision:
Handle: RePEc:cor:louvco:2001018
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  1. Dubey, Pradeep, 1982. "Price-Quantity Strategic Market Games," Econometrica, Econometric Society, vol. 50(1), pages 111-26, January.
  2. Forges, F., 1987. "Can sunspots replace a mediator ?," CORE Discussion Papers 1987045, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. Sergiu Hart & Andreu Mas-Colell, 2000. "A Simple Adaptive Procedure Leading to Correlated Equilibrium," Econometrica, Econometric Society, vol. 68(5), pages 1127-1150, September.
  4. GIRAUD, Gaël & ROCHON, Céline, 2001. "Generic efficiency and collusion-proofness in exchange economies," CORE Discussion Papers 2001019, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  5. Forges, Francoise & Peck, James, 1995. "Correlated Equilibrium and Sunspot Equilibrium," Economic Theory, Springer, vol. 5(1), pages 33-50, January.
  6. Ray, Indrajit, 1996. "Coalition-Proof Correlated Equilibrium: A Definition," Games and Economic Behavior, Elsevier, vol. 17(1), pages 56-79, November.
  7. 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.
  8. Azariadis, Costas, 1981. "Self-fulfilling prophecies," Journal of Economic Theory, Elsevier, vol. 25(3), pages 380-396, December.
  9. R. Aumann, 2010. "Correlated Equilibrium as an expression of Bayesian Rationality," Levine's Bibliography 513, UCLA Department of Economics.
  10. Edward C Prescott & Robert M Townsend, 1997. "General Competitive Analysis in an Economy with Private Information," Levine's Working Paper Archive 1578, David K. Levine.
  11. repec:bla:restud:v:56:y:1989:i:4:p:603-11 is not listed on IDEAS
  12. Schmeidler, David, 1980. "Walrasian Analysis via Strategic Outcome Functions," Econometrica, Econometric Society, vol. 48(7), pages 1585-93, November.
  13. Bernheim, B. Douglas & Peleg, Bezalel & Whinston, Michael D., 1987. "Coalition-Proof Nash Equilibria I. Concepts," Journal of Economic Theory, Elsevier, vol. 42(1), pages 1-12, June.
  14. Hong, Lu, 1995. "Nash Implementation in Production Economies," Economic Theory, Springer, vol. 5(3), pages 401-17, May.
  15. F. Forges, 2010. "An Approach to Communication Equilibrium," Levine's Working Paper Archive 516, David K. Levine.
  16. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680, July.
  17. Moreno, Diego & Wooders, John, 1996. "Coalition-Proof Equilibrium," Games and Economic Behavior, Elsevier, vol. 17(1), pages 80-112, November.
  18. repec:bla:restud:v:46:y:1979:i:2:p:217-25 is not listed on IDEAS
  19. Dubey, P. & Rogawski, J. D., 1990. "Inefficiency of smooth market mechanisms," Journal of Mathematical Economics, Elsevier, vol. 19(3), pages 285-304.
  20. repec:bla:restud:v:58:y:1991:i:5:p:1011-29 is not listed on IDEAS
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