Imperfect communication in markets – a big world problem.
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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|Date of creation:||Apr 1980|
|Publication status:||published as « Communication in Markets : a suggested approach » (revised version) in Economics Letters, 1983, 12, 2, 101-108|
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- 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.
- Terje Hansen, 1967. "A Note on the Limit of the Core of an Exchange Economy," Cowles Foundation Discussion Papers 222, Cowles Foundation for Research in Economics, Yale University.
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