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Imperfect communication in markets – a big world problem.

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  • KIRMAN, Alan

Abstract

This paper examines the problem of markets where not all individuals are in contact with each other. The nature of the communication structure in a market is rarely made explicit in standard economic analysis although a structure is implicitly assumed in the description of the model. To take as an example the general equilibrium model of exchange, it is clear that in such a model each individual must receive price signals. Hence a structure which would correspond to the Walrasian description would be one in which each agent was in contact with a central auctioneer. Thus viewing the agents as nodes in a graph and denoting contact or communication between two individuals by an arc, the Walrasian model would correspond to a star-shaped graph. (...)
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Suggested Citation

  • KIRMAN, Alan, 1980. "Imperfect communication in markets – a big world problem.," Institut des Mathématiques Economiques – Document de travail de l’I.M.E. (1974-1993) 44, Institut des Mathématiques Economiques. LATEC, Laboratoire d'Analyse et des Techniques EConomiques, CNRS, Université de Bourgogne.
    • Handle: RePEc:lat:imefth:44
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