Values of Exact Market Games
We prove that a single-valued solution of perfectly competitive TU economies underling nonatomic exact market games is uniquely determined as the Mertens value by four plausible value-related axioms. Since the Mertens value is always a core element, this result provides an axiomatization of the Mertens value as a core-selection. Previous works in this direction assumed the economies to be either di erentiable (e.g., Dubey and Neyman ) or of uniform nite-type (e.g., Haimanko ). Our work does not assume that, thus it contributes to the axiomatic study of payo s in perfectly competitive economies (or values of their derived market games) in general. In fact, this is the rst contribution in this direction.
|Date of creation:||Sep 2012|
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- Omer Edhan, 2012. "Continuous Values of Market Games are Conic," Discussion Paper Series dp623, The Federmann Center for the Study of Rationality, the Hebrew University, Jerusalem.
- Hart, Sergiu, 1977. "Values of non-differentiable markets with a continuum of traders," Journal of Mathematical Economics, Elsevier, vol. 4(2), pages 103-116, August.
- AUMANN, Robert J., .
"Values of markets with a continuum of traders,"
CORE Discussion Papers RP
228, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Brown, Donald J & Robinson, Abraham, 1975.
"Nonstandard Exchange Economies,"
Econometric Society, vol. 43(1), pages 41-56, January.
- Dubey, Pradeep & Neyman, Abraham, 1997. "An Equivalence Principle for Perfectly Competitive Economies," Journal of Economic Theory, Elsevier, vol. 75(2), pages 314-344, August.
- Hart, Sergiu & Neyman, Abraham, 1988. "Values of non-atomic vector measure games : Are they linear combinations of the measures?," Journal of Mathematical Economics, Elsevier, vol. 17(1), pages 31-40, February.
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