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Nash-walras Equilibria of a Large Economy

Author

Listed:
  • Enrico Minelli

    (Dipartimento di Scienze Economiche - UniBs - Università degli Studi di Brescia = University of Brescia)

  • Heracles M. Polemarchakis

    (CORE - Center of Operation Research and Econometrics [Louvain] - UCL - Université Catholique de Louvain = Catholic University of Louvain)

Abstract

Individuals exchange contracts for the delivery of commodities in competitive markets and, simultaneously, act strategically; actions affect utilities across individuals directly or through the payoffs of contracts. This encompasses economies with asymmetric information. Nash - walras equilibria exist for large economies, even if utility functions are not quasi - concave and choice sets are not convex, which is the case in standard settings; the separation of the purchase from the sale of contracts and the pooling of the deliveries on contracts guarantee that the markets for commodities clear.

Suggested Citation

  • Enrico Minelli & Heracles M. Polemarchakis, 1999. "Nash-walras Equilibria of a Large Economy," Working Papers hal-00601580, HAL.
    • Handle: RePEc:hal:wpaper:hal-00601580
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    Cited by:

    1. Joao Correia-da-Silva, 2009. "Uncertain delivery in markets for lemons," FEP Working Papers 310, Universidade do Porto, Faculdade de Economia do Porto.
    2. CITANNA, Alessandro, 2000. "Moral hazard and linear contracts : Economies with idiosyncratic risks," HEC Research Papers Series 699, HEC Paris.
    3. Correia-da-Silva, João, 2012. "General equilibrium in markets for lemons," Journal of Mathematical Economics, Elsevier, vol. 48(3), pages 187-195.
    4. João Correia-da-Silva & Carlos Hervés-Beloso, 2008. "General equilibrium with private state verification," FEP Working Papers 269, Universidade do Porto, Faculdade de Economia do Porto.
    5. CITANNA, Alessandro, 2000. "Proportional transaction costs on asset trades : a note on existence by homotopy methods," HEC Research Papers Series 717, HEC Paris.

    More about this item

    Keywords

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    JEL classification:

    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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