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From Nash to Walras via Shapley-Shubik

  • P. Dubey

    ()

  • J. Geanakoplos

We derive the existence of a Walras equilibrium directly from Nash's theorem on noncooperative games. No price player is involved, nor are generalized games. Instead we use a variant of the ShapleyŠShubik trading-post game.

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File URL: http://www.stonybrook.edu/commcms/economics/research/papers/2002/02-01.pdf
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Paper provided by Stony Brook University, Department of Economics in its series Department of Economics Working Papers with number 02-01.

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Length: 11 pages
Date of creation: 2002
Date of revision:
Handle: RePEc:nys:sunysb:02-01
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Web page: http://www.stonybrook.edu/commcms/economics/
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  1. Shapley, Lloyd S & Shubik, Martin, 1977. "Trade Using One Commodity as a Means of Payment," Journal of Political Economy, University of Chicago Press, vol. 85(5), pages 937-68, October.
  2. Danilov, V. I. & Sotskov, A. I., 1990. "A generalized economic equilibrium," Journal of Mathematical Economics, Elsevier, vol. 19(4), pages 341-356.
  3. Pradeep Dubey, 1979. "Price-Quantity Strategic Market Games," Cowles Foundation Discussion Papers 520, Cowles Foundation for Research in Economics, Yale University.
  4. Sorin, S., 1994. "Strategic Market Games with Exchange Rates," Papers 9411, Paris X - Nanterre, U.F.R. de Sc. Ec. Gest. Maths Infor..
  5. Mertens, J. F., 2003. "The limit-price mechanism," Journal of Mathematical Economics, Elsevier, vol. 39(5-6), pages 433-528, July.
  6. Postlewaite, A & Schmeidler, David, 1978. "Approximate Efficiency of Non-Walrasian Nash Equilibria," Econometrica, Econometric Society, vol. 46(1), pages 127-35, January.
  7. Gerard Debreu, 1961. "New Concepts and Techniques for Equilibrium Analysis," Cowles Foundation Discussion Papers 129, Cowles Foundation for Research in Economics, Yale University.
  8. Florig, Michael, 2001. "Hierarchic competitive equilibria," Journal of Mathematical Economics, Elsevier, vol. 35(4), pages 515-546, July.
  9. Rabah Amir & Siddhartha Sahi & Martin Shubik, 1986. "A Strategic Market Game with Complete Markets," Cowles Foundation Discussion Papers 814R, Cowles Foundation for Research in Economics, Yale University, revised Sep 1987.
  10. Jaynes, Gerald David & Okuno, Masahiro & Schmeidler, David, 1978. "Efficiency in an Atomless Economy with Fiat Money," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 19(1), pages 149-56, February.
  11. Schmeidler, David, 1980. "Walrasian Analysis via Strategic Outcome Functions," Econometrica, Econometric Society, vol. 48(7), pages 1585-93, November.
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