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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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    References listed on IDEAS

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    1. Hansen, Terje, 1969. "A Note on the Limit of the Core of an Exchange Economy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 10(3), pages 479-483, October.
    2. Roger B. Myerson, 1976. "Graphs and Cooperation in Games," Discussion Papers 246, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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    information ; theory of stochastic graphs;

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