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Competitive Strategic Market Games with an Infinite-Dimensional Trade Space

Author

Listed:
  • Giraud, G.

Abstract

This paper constructs two feasible strategic market games associated to an economy with infinite-dimensional trade space, finitely many traders, and finitely many firms, such that the set of outcomes induced by pure Nash equilibria coincides with the set of competitive equilibria. In both games, consumers may go bankrupt out of equilibrium, punishment rules are chosen in such a way to be proportional to the failure of a player to honor his/her strategy, and uniform properness of preferences turns out to be the key-tool to get the equivalence Nash/Walras.

Suggested Citation

  • Giraud, G., 1997. "Competitive Strategic Market Games with an Infinite-Dimensional Trade Space," Papiers d'Economie Mathématique et Applications 97.73, Université Panthéon-Sorbonne (Paris 1).
  • Handle: RePEc:fth:pariem:97.73
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    More about this item

    Keywords

    GAMES;

    JEL classification:

    • D41 - Microeconomics - - Market Structure, Pricing, and Design - - - Perfect Competition
    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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